Hearst-Argyle TV offer expires

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NEW YORK -- Broadcaster and publisher Hearst Corp. said Friday it was returning shares tendered in its $600 million offer to buy the portion of Hearst-Argyle Television that it does not own after the offer expired.

Privately held Hearst Corp. holds 73% of the outstanding equity and general voting power of Hearst-Argyle Television. The company said in August it wanted to buy the rest of the company for $23.50 a share.

Hearst-Argyle in September urged shareholders to reject the bid.
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