Hearst-Argyle special committee, advisers consider Hearst tender offer

By Lisa Kerner

Charlotte, N.C., April 13 - Hearst-Argyle Television, Inc. said the special committee of its board of directors will review the proposed tender offer by Hearst Corp. with the assistance of Morgan Stanley.

Simpson Thacher & Bartlett LLP will provide legal advice to the special committee, according to a Hearst-Argyle news release.

As previously reported, Hearst said it planned to begin a $4-per-share cash tender offer in mid-April for all of the outstanding shares of series A common stock of Hearst-Argyle it does not already own.

Once the tender offer is completed, Hearst, a New York publishing and broadcasting company, would acquire the remaining shares through a short-form cash merger at the same $4-per-share cash price paid in the tender offer.

Hearst and its wholly owned subsidiaries currently own approximately 67% of the outstanding shares of Hearst-Argyle series A common stock and 100% of the company's outstanding shares of series B common stock.

Hearst-Argyle is a New York network-affiliated television station owner/operator.

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