Taft’s board approved a sweetened takeover offer.

Taft Broadcasting said that under the revised offer for the remaining stock, Taft’s shareholders could elect to swap each of their existing shares for either $157 in cash or $144 in cash and one share of FMI Financial. FMI Financial would be the general partner of TFBA Limited Partnership, the entity formed by the investors to make the acquisition. The partnership is led by FMI, which is 72%-owned by Cincinnati financier Carl H. Lindner’s American Financial Corp. The group also includes Texas investor Robert M. Bass and Dudley S. Taft, vice chairman of Taft Broadcasting and a member of the company’s founding family. Together the investors already own 42% of Taft Broadcasting’s 9.3 million common shares outstanding.