P. M. BRIEFING : McCaw Cellular Revises Bid for LIN Broadcasting Corp.

McCaw Cellular Communications Inc. today made another revised bid to the board of LIN Broadcasting Corp. by offering about $154 a share in its attempt to gain a majority interest in the New York company.

With the new offer, McCaw put on the back burner a revised cash and stock offer made last week that entailed having the LIN board issue 46.1 million new shares that would be purchased by McCaw.

That arrangement was offered to give tax advantages similar to those contained in a proposed merger between LIN and the BellSouth Corp. of Atlanta.

A spokesman for McCaw said the revised offer of last week had not been withdrawn but was not the one “currently on the table.”

The LIN board was scheduled to hold a meeting today to consider the various proposals.

Under the new arrangement, McCaw said it would be willing to purchase 21.9 million shares of LIN stock for $154.11 a share. Those shares, plus the approximately 5 million already owned by McCaw, would give the Kirkland company slightly more than 50% of all LIN stock.