Hearst Corporation to Increase Per Share Offer Price Payable in its Offer to Acquire Remaining Public Stake in Hearst-Argyle Tel
April 27 2009 - 8:27AM
PR Newswire (US)
Offer Price to be Increased From $4.00 to $4.50 in Cash per Share
NEW YORK, April 27 /PRNewswire/ -- Hearst Corporation announced
today that it has increased the price per share that it will offer
to pay for all of the outstanding shares of Series A Common Stock
of Hearst-Argyle Television, Inc. (NYSE:HTV) not already owned by
Hearst from $4.00 to $4.50 in cash per share. The increased offer
price represents a 12.5% increase over the original proposed offer
price of $4.00 per share, a premium of approximately 115% over the
closing price of the shares on March 24, 2009, the last full
trading day prior to the first public announcement of Hearst's
proposed offer, and a premium of approximately 154% above the
average closing price of the shares for the 20 trading days
immediately preceding March 24. (Logo:
http://www.newscom.com/cgi-bin/prnh/20090417/HEARSTLOGO-c )
Hearst's decision to increase the offer price follows discussions
between Hearst and the special committee of independent members of
the Board of Directors of Hearst-Argyle appointed to review
Hearst's offer. Based on those discussions, Hearst expects that the
special committee will recommend that the stockholders of
Hearst-Argyle accept the tender offer and tender their shares
pursuant to the tender offer. Hearst expects to commence the tender
offer within the next several days. Lazard is acting as financial
advisor to Hearst in connection with the offer. ABOUT HEARST
CORPORATION Hearst Corporation (http://www.hearst.com/) is one of
the nation's largest diversified media companies. Its major
interests include ownership of 15 daily and 49 weekly newspapers,
including the Houston Chronicle, San Francisco Chronicle and Albany
Times Union; as well as interests in an additional 43 daily and 72
non-daily newspapers owned by MediaNews Group, which include the
Denver Post and Salt Lake Tribune; nearly 200 magazines around the
world, including Good Housekeeping, Cosmopolitan and O, The Oprah
Magazine; 29 television stations through Hearst-Argyle Television
(NYSE:HTV) which reach a combined 18% of U.S. viewers; ownership in
leading cable networks, including Lifetime, A&E, History and
ESPN; as well as business publishing, including a minority joint
venture interest in Fitch Ratings; Internet businesses, television
production, newspaper features distribution and real estate. NOTICE
FOR HEARST-ARGYLE TELEVISION STOCKHOLDERS Hearst-Argyle's
stockholders and other interested parties are urged to read
Hearst's tender offer statement and other relevant documents that
will be filed with the SEC when they become available, because they
will contain important information. Hearst-Argyle's stockholders
will be able to access those documents free of charge at the SEC's
web site, http://www.sec.gov/, or at Hearst's web site,
http://www.hearst.com/.
http://www.newscom.com/cgi-bin/prnh/20090417/HEARSTLOGO-c
http://photoarchive.ap.org/ DATASOURCE: Hearst Corporation CONTACT:
Paul J. Luthringer of Hearst Corporation, +1-212-649-2540, Web
Site: http://www.hearst.com/
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