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BHC AND CHRIS-CRAFT ANNOUNCE EXTENSION OF TENDER OFFER FOR PINELANDS

 BHC AND CHRIS-CRAFT ANNOUNCE EXTENSION OF TENDER OFFER FOR PINELANDS
 NEW YORK, June 19 /PRNewswire/ -- BHC Communications, Inc. (AMEX: BHC), and its majority shareholder, Chris-Craft Industries, Inc. (NYSE: CCN), announced today the extension of the expiration date of the tender offer by BHC's wholly owned subsidiary, BHC Acquisition Corp., for all of the outstanding shares of common stock of Pinelands, Inc. (NYSE: PL), at a price of $18 per share. The tender offer, as extended, will expire at 5:00 p.m., New York City time, on July 10, 1992.
 The tender offer is being extended pending receipt of Federal Communications Commission approval and the satisfaction of the other conditions to the offer. If BHC is required to extend the expiration date of the offer beyond July 12, 1992, the purchaser will pay additional consideration on the per share price at the rate of 5 percent per annum from (but excluding) July 12, 1992.
 BHC announced that a petition requesting the Federal Communications Commission to deny BHC's application to acquire Pinelands was filed on June 18, 1992, by Garden State Broadcasting Limited Partnership. BHC will promptly submit an opposition to that petition. BHC stated that Garden State also currently is appealing the FCC's dismissal of Garden State's 1988 application for the frequency used by Pinelands' television station, as well as the FCC's 1990 approval of the transfer of the license from MCA Inc. to Pinelands.
 As of 5 p.m., New York City time, on June 18, 1992, 3,160,803 shares of Pinelands common stock had been tendered pursuant to the tender offer.
 -0- 6/19/92
 /CONTACT: Joele Frank of Ogilvy Adams & Rinehart, 212-557-0100, for Pinelands; or William D. Siegel of BHC Communications, 212-421-0200, for BHC and Chris-Craft/
 (BHC CCN PL) CO: BHC Communications, Inc.; Chris-Craft Industries, Inc.;
 Pinelands, Inc. ST: New York IN: ENT SU:


GK-OS -- NY025 -- 1885 06/19/92 11:30 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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