LIN Broadcasting Corp says its board will review McCaw Cellular Communications Inc’s revised bid of $150m a share for 22.5m shares on a timely basis: as a further sweetener, McCaw will on completion have LIN buy $425m of McCaw class A common stock and distribute it as a dividvend in which non-McCaw shareholders would receive $16.17 of such stock for each LIN share retained; McCaw is demanding that LIN stop favouring its proposed deal with BellSouth Corp and instead put both offers to shareholders in January, whereupon it would accept the vote as final; if not it will seek proxies for control of the board.
