Hearst Corp Offers To Acquire Hearst-Argyle Television (HTV) Shares Not Owned For $4/Share
Hearst Corporation announced today that it intends to make a tender offer for all of the outstanding shares of Series A Common Stock of Hearst-Argyle Television, Inc. (NYSE: HTV) not already owned by Hearst for $4.00 per share in cash.
The offer price represents a premium of approximately 91% over the closing price of the shares on March 24, 2009, and a premium of approximately 125% above the average closing price of the shares for the 20 trading days immediately preceding March 24.
Hearst, through its wholly-owned subsidiaries, currently owns approximately 67% of the outstanding shares of Series A Common Stock and 100% of the outstanding shares of Series B Common Stock, representing in the aggregate approximately 82% of both the outstanding equity and general voting power of Hearst-Argyle. Following the transaction, Hearst-Argyle will become a wholly-owned subsidiary of Hearst.
The offer price represents a premium of approximately 91% over the closing price of the shares on March 24, 2009, and a premium of approximately 125% above the average closing price of the shares for the 20 trading days immediately preceding March 24.
Hearst, through its wholly-owned subsidiaries, currently owns approximately 67% of the outstanding shares of Series A Common Stock and 100% of the outstanding shares of Series B Common Stock, representing in the aggregate approximately 82% of both the outstanding equity and general voting power of Hearst-Argyle. Following the transaction, Hearst-Argyle will become a wholly-owned subsidiary of Hearst.
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