Its tender offer for stock in the station group that it doesn’t already own yields 13.8 million shares — enough to up its stake in the group to 96%.
Hearst-Argyle Television said this morning that the Hearst Corp. will purchase another 13.8 million of Hearst-Argyle stock — a move that would increase its stake in the TV station group to 96 percent.
The soon-to-be-acquired shares — 80 percent of the stock that Hearst did not already own — were tendered in response to an offer from Hearst. The tender office expired Tuesday at 5 p.m.
Once it completes the purchase of the shares, Hearst 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 canceled 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 says 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.