Updated at 12:48 p.m., Friday, September 28, 2007
Hearst offer for KITV owner has setback
Advertiser Staff
A special committee of Hearst-Argyle Television Inc., the owner of 26 U.S. TV stations including Honolulu's KITV, recommended shareholders ignore Hearst Corp.'s $590 million offer for shares it doesn't already own in the company.The offer of $23.50 a share is "inadequate and not in the best interests of Hearst-Argyle Television stockholders, other than The Hearst Corp. and its affiliates," the committee said in a statement.
Hearst owns a little more than two-thirds of Hearst-Argyle's outstanding shares.
