Hearst ups bid for Hearst-Argyle, wants to begin tender offer in days

By Lisa Kerner

Charlotte, N.C., April 27 - Hearst Corp. increased its offer price for all of the outstanding shares of series A common stock of Hearst-Argyle Television, Inc. it does not already own by 12.5% to $4.50 per share. Originally, Hearst offered $4.00 per share.

The increase is a premium of approximately 115% over the closing price of the shares on March 24, the last full trading day prior to the first public announcement of Hearst's proposed offer, according to a Hearst news release.

Hearst said the increased offer follows discussions with the special committee of independent members of the board of directors of Hearst-Argyle.

The special committee is expected to recommend the revised offer to Hearst-Argyle shareholders, the release said.

Hearst expects to begin a tender offer for the Hearst-Argyle shares within the next several days.

As previously announced, Hearst-Argyle's special committee was reviewing the offer with the assistance of Morgan Stanley.

Hearst, a diversified media company based in New York, and its wholly owned subsidiaries currently own approximately 67% of the outstanding shares of Hearst-Argyle series A common stock and 100% of the company's outstanding shares of series B common stock.

Hearst-Argyle is a New York network-affiliated television station owner/operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.