P.M. BRIEFING : McCaw Cellular Lowers Bid for LIN
McCaw Cellular Communications Inc. said today it had lowered its bid for LIN Broadcasting Corp. to $110 from $120 a share after a court decision that rejected LIN’s claim it had the right to buy cellular telephone interests in two key markets.
The current bid would value LIN at just under $6 billion, about $500 million lower than its earlier $6.5-billion offer.
McCaw, the country’s largest cellular telephone service company, also said its tender offer for New York-based LIN had been extended one day to midnight July 21. All other terms and conditions of the offer remain unchanged, it said.