Chancellor Media Extends Offer For Katz Media Group.IRVING, Texas--(BUSINESS WIRE)--Sept. 25, 1997--Chancellor Media Corporation (Nasdaq: AMFM AMFM Association of Marriage and Family Ministries AMFM Automated Mapping Facilities Management AMFM Association des Modélistes Ferroviaires de Montréal (French: Montreal Railroad Modelers Association) ) announced today that it has extended the expiration date of the cash tender offer of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Morris Acquisition Corporation, to acquire any and all outstanding shares of common stock of Katz Media Group, Inc. (AMEX AMEX See: American Stock Exchange : KTZ KTZ Kapitein Ter Zee (Dutch) KTZ Keratonazole ) at a price of $11.00 per share to 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Friday, October 24, 1997. The offer had previously been scheduled to expire at 5:00 p.m., New York City time, on Thursday, September 25, 1997. As of 5:00 p.m., New York City time, on September 25, 1997, 12,943,403 shares of Katz Media common stock had been validly tendered and not withdrawn in the offer. As previously announced, Chancellor Media received a request for additional information from the United States Department of Justice “Justice Department” redirects here. For other uses, see Department of Justice. The United States Department of Justice (DOJ) is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States with respect to its filing under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976 in connection with the offer. The offer is being extended as the condition to the offer regarding the expiration or termination of the Hart-Scott-Rodino waiting period has not yet been satisfied. Chancellor Media currently intends to comply with the request for additional information during the week of September 29, 1997. Katz Media is the only full-service media representation firm in the United States serving multiple types of electronic media, representing radio and television stations, cable television systems and Internet media outlets. The company is exclusively retained by over 2,000 radio stations, 340 television stations and 1,500 cable systems to sell national spot advertising air time throughout the United States. Chancellor Media owns and operates radio stations across the United States. CONTACT: Chancellor Media Corporation Matthew E. Devine Chief Financial Officer 972/869-9020 or Jaffoni & Collins Incorporated Joseph N. Jaffoni David C. Collins 212/505-3015 or jaffoni@jcir.com |
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