Fisher Spikes After Rejecting Buyout Offer
NEW YORK (TheStreet) -- Fisher Communications (FSCI) is up more than 4% this morning after the U.S. TV and radio station company rejected a $211 million buyout offer from Canadian real estate company Huntingdon Real Estate Investment Trust.
Fisher shares jumped nearly 10% in premarket trading and opened at a 52-week high of $23.08. The stock is currently up 4.1%, or 90 cents, to $22.70.
Huntingdon said that on Dec. 6, 2010 it offered to acquire all of the outstanding shares of Fisher stock for $23.99 each.
On Dec. 10, Fisher's board of directors rejected the offer and told Huntingdon that it "determined that the business combination between Fisher and Huntingdon...is not in the best interests of Fisher and its shareholders."
Huntingdon CEO Zachary George sent a letter to Fisher today asking the board to review the offer and change their decision. "We ask that you reconsider your hasty decision to reject our proposal," he said. Huntingdon's offer of $23.99 per share is an approximate 4% premium to Fisher's 52-week high price of $23.08. -- Written by Theresa McCabe in Boston.>To contact the writer of this article, click here: Theresa McCabe. >To follow the writer on Twitter, go to @TheresaMcCabe. >To submit a news tip, send an email to: tips@thestreet.com.
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