06.03.2009 02:00 PM
Hearst Completes Tender for Hearst-Argyle Television
NEW YORK: Hearst-Argyle Television has been bought out by Hearst Corp., the privately held media group from which it sprang. Hearst offered to buy the one-third share of the broadcast group it didn’t already own in April at $4 a share, an offer later raised to $4.50. Hearst said nearly 13.8 million shares of Hearst-Argyle Television (NYSE: HTV) A shares were tendered, including about 347,000 subject to guaranteed delivery. The total represented 80 percent of outstanding shares not owned by Hearst, and brought the company’s Class A holdings to 96 percent.
HTV said it was advised by Hearst that after the purchase is completed, Hearst-Argyle will be merged as wholly-owned subsidiary of Hearst and change its name to Hearst Television Inc. Under the merger, all shares held by the remaining HTV public shareholders will be cancelled and, subject to the shareholders’ rights to exercise statutory appraisal rights, converted into the right to receive $4.50 per share in cash, without interest. Hearst said it expects to complete the merger within the next several business days, where upon HTV shares will stop trading on the New York Stock Exchange. -- Deborah D. McAdams