* Offers Fisher $41/share, a premium of 5 pct to Wednesday
* Sinclair to finance deal through cash on hand and debt
* Sinclair's shares rise 3 percent; Trading in Fisher shares
April 11 TV station operator Sinclair Broadcast
Group Inc said it will buy Fisher Communications Inc
for about $373 million to expand its operations in
western United States.
The offer values Fisher at $41 per share, a premium of 5
percent to the stock's Wednesday closing price.
It is 44 percent above the stock's closing on Jan. 9, a day
before Fisher, under pressure from billionaire investor Mario
Gabelli, said it was exploring strategic alternatives, including
Gabelli, the largest shareholder in the company with a 26.75
percent stake, had then told Reuters that he preferred a
leveraged restructuring to an outright sale.
Seattle-based Fisher owns 20 television stations in eight
markets and three radio stations. It runs CBS and ABC affiliates
such as KPIC TV, KCBY TV and KATU TV.
Sinclair said it expects to finance the acquisition through
cash on hand and debt. The company may also raise funds from
The company said it would reach about 34 percent of U.S.
television households following the Fisher acquisition.
Sinclair's shares rose 3 percent to $22.48 in early trading
on the Nasdaq. Trading in Fisher shares were halted.