Hearst-Argyle Likes Tender Offer

Hearst seeks to buy back rest of TV outfit

Hearst-Argyle Television (HAT) has decided that parent Hearst has made a fair offer in its bid to acquire all outstanding shares of Hearst-Argyle’s Series A common stock. Hearst offered $4.50 last week, and a special committee assembled from HAT’s board of directors has unanimously determined the offer to be a good one--and recommends that stockholders accept the bid.

Hearst offered $4 a share on March 25 and upped it to $4.50 April 27.

The offer is scheduled to expire 5 p.m. ET June 2.