June 7, 1989 |
In by far the biggest takeover bid ever in the young cellular telephone industry, McCaw Cellular Communications Tuesday offered to buy LIN Broadcasting Corp. for $6 billion in a deal that would create a national communications giant. McCaw, a Kirkland, Wash., company that is already the nation's largest independent cellular phone firm, proposed the $120-a-share buyout in a letter sent to LIN headquarters in New York. McCaw, which currently holds a 9.8% stake in LIN, said Tuesday that it would "promptly commence a cash tender offer" for the LIN stock it doesn't already own. LIN said it will "study the offer carefully and act in the best interests of its shareholders."