Pat Robertson’s Intl. Family Entertainment Inc., whose tender offer for Nostalgia Network Inc. was due to expire at noon today, will extend the offer, sources said.
Intl. Family has said it would increase the $ 2 a share offer to $ 3 a share, or roughly $ 63 million, under certain conditions. The extended tender, though, will remain at $ 2 a share.
Because of the possibility of an improved offer, Nostalgia repeated its advice to shareholders Wednesday to not tender their shares.
Concept Communications Inc., which has ties to Rev. Sun Myung Moon’s Unification Church, is also trying to take control of Nostalgia.