Hearst Corp. has increased its price per share offer from $4 to $4.50 in its bid to buy up the outstanding shares of Hearst-Argyle Television stock. The new bid represents a 12.5% increase over the one offered last month.
Hearst's decision to sweeten its offer follows discussions between the corporation and a special committee of independent members of the Hearst-Argyle board, including David Pulver and Caroline L. Williams. Hearst said it "expects that the special committee will recommend that the stockholders of Hearst-Argyle accept the tender offer," and aims to "commence the tender offer within the next several days."
Lazard is advising Hearst on the bid.
Hearst announced its initial $4 offer March 25. Back in the summer of 2007, Hearst had made an offer of $23.50 a share.
Hearst-Argyle owns 29 stations.