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BHC COMMUNICATIONS AND CHRIS-CRAFT INDUSTRIES ANNOUNCE COMPLETION OF TENDER OFFER FOR PINELANDS, INC.

 BHC COMMUNICATIONS AND CHRIS-CRAFT INDUSTRIES ANNOUNCE COMPLETION
 OF TENDER OFFER FOR PINELANDS, INC.
 NEW YORK, Aug. 24 /PRNewswire/ -- BHC Communications, Inc. (AMEX: BHC), and its majority stockholder, Chris-Craft Industries, Inc. (NYSE: CCN), announced today the completion 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). BHC stated that it had accepted for payment, at $18 per share plus additional consideration of $.1184 per share, all of the approximately 16,127,310 shares of Pinelands' common stock validly tendered (including 322,976 shares tendered by guaranteed delivery) prior to the expiration time for the offer, 5 p.m., New York City time on Aug. 21, 1992. These shares, together with the 845,000 shares owned by BHC, constitute approximately 98.9 percent of Pinelands' outstanding common stock.
 The tender offer was made pursuant to the terms of a merger agreement among BHC, BHC Acquisition Corp. and Pinelands. The merger agreement provides that, as soon as practicable, BHC Acquisition Corp., will be merged into Pinelands and Pinelands' stockholders who did not validly tender their shares in the tender offer (other than those who properly exercise dissenter's rights under Delaware law) will be entitled to receive $18 plus the additional consideration of $.1184 net per share in cash.
 Promptly following the merger, BHC will distribute to former non- tendering Pinelands stockholders materials which may be used by such holders to surrender their certificates, previously representing shares of Pinelands common stock, for cancellation and payment of the per share merger price.
 -0- 8/24/92
 /CONTACT: William D. Siegel, 212-421-0200, for BHC Communications and Chris-Craft Industries/
 (BHC CCN PL) CO: BHC Communications, Inc.; Chris-Craft Industries, Inc. ST: New York IN: MAR SU: CON


SH-TS -- NY007 -- 2444 08/24/92 08:43 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
Words:305
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