ATLANTA, March 26, 2009 (GLOBE NEWSWIRE) -- Holzer Holzer & Fistel, LLC is investigating possible violations of state law for, among other things, breaches of fiduciary duty in connection with a proposed buyout of Hearst-Argyle Television, Inc. (NYSE:HTV) by Hearst Corp. Hearst Corp. has offered to purchase a majority of the outstanding shares of Hearst-Argyle Television, Inc. for $4.00 per share. Hearst Corp. currently owns approximately 67 percent of Hearst-Argyle's outstanding Class A shares and 100 percent of its outstanding Class B shares. If consummated, Hearst-Argyle Television, Inc. will become a wholly-owned subsidiary of Hearst Corp.
The firm's investigation is focused on, among other things, whether the proposed deal consideration provides adequate value to Hearst-Argyle's minority shareholders and whether the deal comports with applicable law. In 2007, Hearst Corp. offered to purchase Hearst-Argyle Television, Inc. for $23.50 per share but Hearst-Argyle's board of directors urged shareholders to reject the deal at that time.
Current holders of Hearst-Argyle Television, Inc. common stock with questions concerning their legal rights are encouraged to contact Holzer Holzer & Fistel, LLC and its attorneys Michael I. Fistel Jr., Esq. or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.