Hearst's Tender Offer For Hearst-Argyle Stock Expires
October 15, 2007 at 1:14 PM (PT)
HEARST CORP.'s tender offer to buy the 27% of HEARST-ARGLYE TELEVISION's Series A common stock it doesn't already own expired, and the company says that not enough shares were tendered to complete the $600 million deal. HEARST will return all shares that were tendered under the program. The failure comes after HEARST declined to increase its offer, which the HEARST-ARGYLE board late last month decided undervalued its shares.
HEARST-ARGYLE operates Talk WBAL-A and Rock WIYY (98 ROCK)/BALTIMORE.