Hearst Corporation has added another half-buck to its bid to buy out all other shareholders of Hearst-Argyle Television. The offer is now $4.50 per share.
Hearst Corp. made its $4.00 per share offer a month ago. Since then there have been ongoing talks with the special committee of independent directors at Hearst-Argyle Television, leading to the increased offer of $4.50, which Hearst Corp. notes is a 115% premium to the price on March 24th before it made the buyout offer the next day. Hearst Corp. said it anticipates that the special committee will now endorse the buyout offer.
No date for the tender offer has yet been set. Hearst Corp. said it expects to make such an announcement in the next several days.