BHC ANNOUNCES APPROVAL OF PINELANDS ACQUISITION
BHC ANNOUNCES APPROVAL OF PINELANDS ACQUISITION NEW YORK, Aug. 21 /PRNewswire/ -- BHC Communications, Inc.
(AMEX: BHC) and its majority shareholder, Chris-Craft Industries, Inc. (NYSE: CCN), announced that the Federal Communications Commission has publicly released its opinion and formal order approving BHC's acquisition of control of Pinelands, Inc. (NYSE: PL). The tender offer by BHC's wholly owned subsidiary, BHC Acquisition Corp., for all of the outstanding shares of common stock of Pinelands, Inc. at a price of $18 per share plus additional consideration equal to 6 percent per annum from (but excluding) July 12, 1992, expires today at 5 p.m., New York City time.
As of 5 p.m., New York City time, on Aug. 20, 1992, 16,065,198 shares of Pinelands common stock had been tendered pursuant to the tender offer. -0- 8/21/92+ /CONTACT: William D. Siegel, for BHC Communications, Inc., and Chris-Craft Industries, Inc., 212-421-0200/ (BHC CCN PL) CO: BHC Communications, Inc.; Chris-Craft Industries, Inc.; Pinelands, Inc. ST: New York IN: ENT SU: TNM
PS -- NY067 -- 2286 08/21/92 16:52 EDT
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|Date:||Aug 21, 1992|
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