P.M. BRIEFING : LIN Enriches Merger Plans
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NEW YORK — LIN Broadcasting Corp. said today it has revised its plans to merge its cellular telephone operations with BellSouth Corp. in a move evidently designed to thwart a buyout bid by McCaw Cellular Communications Inc.
The announcement provides another twist in what has already proven to be a contorted series of moves begun last June when McCaw launched an unsolicited takeover bid for LIN, a New York-based cellular telephone and television company.
LIN offered no estimate of the value of its revised plan.
However, under the new proposal LIN said it intends to give its shareholders a special cash dividend of $42 per share before the merger of cellular operations, up from a $20 per share cash dividend under an earlier plan.
LIN said it was able to pay a higher dividend because BellSouth, the regional telephone company based in Atlanta, agreed to contribute more assets to the merger of cellular interests than originally envisioned.
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