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The new offer represents a premium of 12.5% over the initially proposed price and a premium of 115% over the company's closing price on 24 March, the last trading day prior to the announced offer.
The decision of Hearst Corp to sweeten its offer follows discussions between the two companies. The publisher expects to launch the tender offer within the next few days.
Lazard is acting as financial adviser to Hearst.
Sector: Publishing/Broadcasting
Type: Buyout
Financing: Cash
Target: Hearst-Argyle Television Inc
Buyer: Hearst Corporation
Status: Bidding
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