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BHC MERGER WITH PINELANDS EFFECTIVE

 BHC MERGER WITH PINELANDS EFFECTIVE
 NEW YORK, Aug. 24 /PRNewswire/ -- BHC Communications, Inc.


(AMEX: BHC) and its majority stockholder, Chris-Craft Industries, Inc. (NYSE: CCN), announced today that the merger of BHC's wholly owned subsidiary, BHC Acquisition Corp., with and into Pinelands, Inc. (NYSE: PL) has become effective. As a result of the merger, Pinelands is now a wholly owned subsidiary of BHC.
 The merger was effected pursuant to the terms of a merger agreement among BHC, BHC Acquisition Corp. and Pinelands. As previously announced, the merger agreement provides that stockholders who did not validly tender their shares in BHC's tender offer (other than those who properly exercise dissenter's rights under Delaware law) will be entitled to receive the tender offer consideration of $18 plus the additional consideration of $.1184 net per share in cash. 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) CO: BHC Communications, Inc.; Chris-Craft Industries, Inc.; Pine ST: New York, Florida IN: SU: TNM


LD-PS -- NY083 -- 2773 08/24/92 17:42 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
Words:212
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