Hearst Corporation Completes Tender Offer for Shares of Hearst-Argyle Television
June 03 2009 - 8:13AM
PR Newswire (US)
NEW YORK, June 3 /PRNewswire-FirstCall/ -- Hearst-Argyle Television
(NYSE: HTV) ("Hearst-Argyle") announced today that it has been
informed by Hearst Corporation ("Hearst") that Hearst will purchase
all of the shares validly tendered in response to Hearst's tender
offer for the shares of Series A Common Stock of Hearst-Argyle not
already owned by Hearst. The tender offer expired at 5:00 p.m., New
York City time, on Tuesday, June 2, 2009. Hearst advised
Hearst-Argyle that as of the expiration of the tender offer, a
total of approximately 13,763,289 shares of Hearst-Argyle Series A
Common Stock had been tendered, which includes approximately
347,197 shares subject to guaranteed delivery and represents
approximately 80% of the outstanding shares not owned by Hearst
and, together with the shares already beneficially owned by Hearst,
approximately 96% of the 94,254,329 outstanding shares of
Hearst-Argyle common stock. Hearst has further advised
Hearst-Argyle that after it completes its purchase of the tendered
shares, it will implement a merger in which Hearst-Argyle will
become a wholly-owned subsidiary of Hearst and change its name to
Hearst Television Inc. In the merger, all shares held by the
remaining public shareholders of Hearst-Argyle will be cancelled
and, subject to the shareholders' rights to exercise statutory
appraisal rights, converted into the right to receive $4.50 per
share in cash, without interest. Hearst has stated that it expects
to complete the merger within the next several business days.
Following the merger, Hearst-Argyle's shares will cease to be
traded on the New York Stock Exchange. ABOUT HEARST-ARGYLE
Hearst-Argyle Television, Inc., a leading local media company, owns
26 television stations, and manages an additional three television
and two radio stations. The Company's television stations reach
approximately 18% of U.S. TV households, making it one of America's
largest television station groups. Hearst-Argyle also owns 39
websites and currently provides digital multicast channels, in
addition to the main digital channel, in 20 markets, featuring
24-hour weather and entertainment programming. Hearst-Argyle is
majority-owned by Hearst Corporation. The Company's Web address is
http://www.hearstargyle.com/. FORWARD-LOOKING STATEMENTS This news
release includes forward-looking statements. We base these
forward-looking statements on our current expectations and
projections about future events. These forward looking statements
generally can be identified by the use of statements that include
phrases such as "anticipate", "will", "may", "likely", "plan",
"believe", "expect", "intend", "project", "forecast" or other such
similar words and/or phrases. Actions taken by Hearst Corporation
with respect to its tender offer, as well as other matters, may
cause actual events to differ from those we describe. Except as
required by applicable law, we undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: Hearst-Argyle
Television, Inc. CONTACT: Tom Campo, Investor Relations,
Hearst-Argyle Television, Inc., +1-212-590-2464 Web Site:
http://www.hearstargyle.com/
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