P.M. BRIEFING : LIN Holds Out for $127.50 a Share
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NEW YORK — LIN Broadcasting Corp.’s president said today he will support a buyout offer from McCaw Cellular Communications Inc. of no less than $127.50 a share if a definitive agreement is reached by Monday.
A buyout at that price would value the New York-based cellular telephone, television broadcasting and publishing company at nearly $6.9 billion.
But LIN President Donald A. Pels warned that if there is no agreement by 9 a.m. Monday, LIN management will “take such other actions” as its board determines are in the best long-term interests of its LIN shareholders .
Kirkland, Wash.-based McCaw had no immediate response to the announcement. McCaw already owns 5 million of LIN’s 53.9 million shares.
The cellular telephone giant said last week that it was suspending negotiations with LIN on the possibility of a buyout at $127.50 a share and was extending its tender offer of $110 a share of LIN’s stock until Aug. 11.
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