Minority shareholders of Seattle-based Fisher Communications Inc found Sinclair Broadcast Group Inc's offer of USD 373 million for their company lacking. The three minority shareholders said Sinclair's bid of USD 41 per share undervalues their investment. Although they opposed the offer, two of the three shareholders said they would still not be casting a vote against it unless shareholders who have a larger stake in the company would insist in a higher selling price. The three shareholders who did not wish to be identified only have more than 5% cumulative stake in the television group.
They are looking at Mario Gabelli, Fisher's largest stakeholder. Records revealed that as of March 31, he owned 26.3% of the company. SEC filings also revealed that his investment firm, Gamco Investors Inc, bought shares in Fisher last month. The buys were done in separate tranches and Gabelli paid a little more than Sinclair's current offer. Gabelli told Reuters that he will give his decision soon.
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