Hearst Corp. on Monday boosted its offer price for the remaining stake in Hearst-Argyle Television Inc. by 12.5 percent.
Hearst, which already owns 67 percent of Hearst-Argyle’s common class A stock, raised its offer price by 50 cents a share to $4.50, a slight discount to Hearst-Argyle’s closing stock price on Friday of $4.55.
Based on discussions with a special committee of independent Hearst-Argyle board members, Hearst expects the committee to recommend that Hearst-Argyle shareholders accept the tender offer.
Hearst said it plans to commence a tender offer for the remaining shares within the next several days.
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