Media General Inc.-owned LIN Television Corp. withdrew its change-of-control offer that was scheduled to expire at 11:59 p.m. ET on Dec. 30 saying that a condition set forth in the offer could not be satisfied within a stipulated time period.
The change-of-control offer was regarding the cash purchase of any and all of LIN's outstanding 5.875% senior notes due 2022 issued by LIN at a purchase price of 101% of the principal amount of the notes plus accrued and unpaid interest, if any, to the date of purchase.
As per the requirement for such an offer to be consummated, a change-of-control purchase date may not be later than 60 days following the date of dissemination of a change-of-control offer. LIN intends to disseminate a new change-of-control offer to the note holders to buy on about the same terms as the change-of-control offer.
The change-of-control offer relates to Media General's planned merger with Nexstar Broadcasting Group Inc.