Fisher Communications Rejects Buyout Offer
January 3, 2011 at 4:42 PM (PT)
FISHER COMMUNICATIONS has rejected a $211 million buyout offer from Canadian real estate company HUNTINGDON REAL ESTATE INVESTMENT TRUST, reports THESTREET.COM. "HUNTINGDON reported that on DECEMBER 6th, 2010 it offered to acquire all of the outstanding shares of FISHER stock for $23.99 each. On DECEMBER 10th, FISHER's board of directors rejected the offer and told HUNTINGDON that it 'determined that the business combination between FISHER and HUNTINGDON ... is not in the best interests of FISHER and its shareholders.'"
HUNTINGDON Co-CEO ZACHARY GEORGE sent a letter to FISHER TODAY (1/3) asking the board to review the offer and change their decision.
"We ask that you reconsider your hasty decision to reject our proposal," he wrote.
In a news release announcing the offer and subsequent denial, FISHER also announced that DAVID LORBER, Pres./CEO of HUNTINGDON, has been excused from all FISHER Board deliberations and reports in connection with the HUNTINGDON offer.