P.M. Briefing : LIN Drops as McCaw Rethinks Bid
Stock in LIN Broadcasting Corp. fell sharply for the second straight session today amid speculation that McCaw Cellular Communications Inc. might lower its $120-a-share bid for the company.
McCaw said Friday that it will review its bid after the New York Court of Appeals rejected LIN’s claim that it had the right to purchase additional cellular telephone interests in the lucrative New York and Philadelphia markets, where it already operates.
Even without the rights in the two East Coast cities, many analysts said LIN was worth more than $120 a share, or about $5.8 billion. Nevertheless, LIN was down $2.375 a share to $113.50 in very active over-the-counter trading today, nearly $10 below its close Thursday.