Hearst begins $4.50-per-share tender offer for Hearst-Argyle stock

By Lisa Kerner

Charlotte, N.C., May 4 - The special committee of Hearst-Argyle Television, Inc.'s board of directors said it recommends that its shareholders tender their shares in Hearst Corp.'s offer that began on Monday.

According to Hearst-Argyle, Hearst wants to acquire all of the outstanding shares of Hearst-Argyle's series A common stock it does not already own for $4.50 per share.

The offer expires at 5 p.m. ET on June 2.

It was previously reported that Hearst originally offered $4.00 per Hearst-Argyle share but raised its offer price by 12.5% following discussions with the Hearst-Argyle special committee.

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.

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