Although the independent directors of Hearst-Argyle Television have said "no" to a buyout of public shareholders by Hearst Corporation at 23.50 per share (9/28/07 TVBR #190), Hearst Corporation is not backing away. In its latest SEC filing, Hearst Corporation said it plans to extend its tender offer, which is scheduled to end this Friday (10/12). The company, which already owns 73% of Hearst-Argyle, indicated that it would announce the extended tender by Monday, October 15th. The SEC filing did not give any indication, though, whether Hearst Corporation will increase its offer to win endorsement from the independent directors.
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