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COMPANY TOWN

Talk of Family Channel Sale Boosts Stock

June 03, 1997|From Bloomberg News

VIRGINIA BEACH, Va. — International Family Entertainment Inc. shares rose again amid speculation that the owner of the Family Channel will agree to be acquired this week by either Walt Disney Co. or News Corp. for up to $1.8 billion.

International Family shares closed at $31.875, up $4 on the New York Stock Exchange. The shares have risen 59% since April 25.

Disney and News Corp. are each offering between $32 and $35 a share for International Family, according to three people close to the bidding. But evangelist Pat Robertson and his family, who control the company, want up to $40 a share, the people said.

General Electric Co.'s NBC and Viacom Inc. held talks with International Family over the last year but aren't involved in the latest round.

Disney and International Family executives declined comment. News Corp. executives couldn't be reached.

International Family confirmed on May 16 that it is in merger talks.

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