Posted at 1:34 p.m., Friday, October 12, 2007
Hearst tender offer for stock of KITV owner expires
Advertiser Staff
Hearst Corp. said its tender offer had expired for all stock it didn't own in Hearst-Argyle Television Inc., the owner of 26 U.S. TV stations including Honolulu's KITV.Hearst said all shares that had been tendered under its $32.50 a share offer would be returned to owners.
The tender offer had faced resistance from a special independent committee that investigated it for Hearst-Argyle. The committee last month recommended shareholders ignore Hearst Corp.'s $590 million offer for shares, saying the price was "inadequate and not in the best interests of Hearst-Argyle Television stockholders, other than The Hearst Corp. and its affiliates."
Hearst owns a little more than two-thirds of Hearst-Argyle's outstanding shares.
