Freedom Newspapers rejected a new buy-out bid.
Directors of the privately held, Santa Ana-based publishing and broadcasting firm spurned a second offer to merge the company into a new firm begun by estranged family member Harry Hoiles. In his second bid in two months, Hoiles had offered to buy the family-owned chain of four television stations and 29 newspapers--including the Orange County Register--for $98 a share, or about $920 million. The price was $2 a share higher than his August offer to his relatives. Excluding his family’s one-third ownership, the cash offer would have cost his Independence News Corp. up to $700 million. A Freedom shareholder vote indicated that 94.73% of the remaining shareholders opposed a merger with Hoiles under “any conditions, including a price higher than $98 per share.”
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.