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Lindner Holds Talks Aimed at Control of Taft : Follows Buyout Bid by Founder's Son, Investors

March 10, 1987|From Reuters

WASHINGTON — A leading shareholder in Taft Broadcasting Co., financier Carl H. Lindner, told the Securities and Exchange Commission in a filing Monday that he has discussed with Taft officials the possibility of seeking control.

Lindner's announcement follows a $145-per-share takeover bid last Friday for Taft from Vice Chairman Dudley S. Taft, a son of founder Hulbert Taft Jr., and Narragansett Capital Inc., an investment management concern.

Lindner, who holds a 16.2% stake in Taft, said his talks with some of Taft's managers and directors have been aimed at "achieving an increased ownership position" in the company. He said the increase in ownership would be made either by making an offer to acquire control of Taft or taking part in a group to acquire the company.

He did not say whether the talks with Taft officials led to any agreements or understandings.

Although he recently received clearance from regulators to raise his stake in the company up to 24.9%, Lindner in previous SEC filings always has stressed that his interest in Taft was for investment purposes only.

Lindner, based in Cincinnati, Ohio, controls American Financial Corp. and has stakes in several media companies.

Taft, also based in Cincinnati, operates seven network affiliate television stations, radio stations and cable systems. The company has not commented on the Taft-Narragansett takeover bid.

Large blocks of Taft's stock also are held by the Taft and Ingalls families, and Robert Bass, an investor based in Fort Worth.

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