FCC APPROVES ACQUISITION OF PINELANDS
FCC APPROVES ACQUISITION OF PINELANDS NEW YORK, Aug. 19 /PRNewswire/ -- BHC Communications, Inc.
(AMEX: BHC) and its majority shareholder, Chris-Craft Industries, Inc. (NYSE: CCN), announced that the Federal Communications Commission today announced publicly that it has granted approval of BHC's acquisition of control of Pinelands, Inc. (NYSE: PL). Approval will be effective when the FCC opinion and formal order are released publicly. BHC and Chris- Craft also announced the extension of the tender offer by the outstanding shares of common stock of Pinelands at a price of $18 per share plus additional consideration equal to 6 percent per annum from (but excluding) July 12, 1992. The tender offer, as extended, will expire at 5 p.m., New York City time, on Aug. 20, 1992.
BHC anticipates it will extend the tender offer from day to day pending the public release of the FCC opinion and formal order approving BHC's acquisition of control of Pinelands, and the satisfaction of the other conditions to the offer. As of 5 p.m., New York City time, on Aug. 18, 1992, 16,230,978 shares of Pinelands common stock had been tendered pursuant to the tender offer. -0- 8/19/92 /CONTACT: William D. Siegel, 212-421-0200, for BHC Communications, Inc. and Chris Craft Industries, Inc./ (BHC CCN PL) CO: BHC Communications, Inc.; Chris-Craft Industries, Inc.; Pinelands, Inc. ST: New York, New Jersey IN: ENT SU: TNM
PS-DC -- NY046 -- 1394 08/19/92 14:09 EDT
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|Date:||Aug 19, 1992|
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