SOURCE: Fisher Communications, Inc.

Fisher Communications, Inc.

January 03, 2011 18:40 ET

Fisher Communications Receives Unsolicited Proposal From Huntingdon Real Estate Investment Trust

SEATTLE, WA--(Marketwire - January 3, 2011) - Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today confirmed that on December 6, 2010, its Board of Directors received an unsolicited proposal from Huntingdon Real Estate Investment Trust (TSX: HNT.UN) to acquire all of the outstanding shares of Fisher common stock for 3.58 units of the Huntingdon REIT, or 1.79 Huntingdon units plus a cash payment of $12.00 per Fisher share. Huntingdon is a Canadian-based real estate investment trust that owns and operates business real estate in Canada. Huntingdon's units are listed on the Toronto Stock Exchange. The unsolicited proposal implied an offer price of $23.99 per Fisher share on December 6, 2010, the date Fisher received the proposal. This amounted to an 18% premium over Fisher's closing stock price on that date, and a 10% premium over Fisher's closing price on December 31, 2010, the last day of trading prior to the proposal being made public by Huntingdon. 

Fisher's Board of Directors carefully reviewed and considered the proposal shortly after receiving it. With the exception of one director as discussed below, the Fisher Board unanimously concluded that the proposal is not in the best interest of the shareholders, and determined not to pursue the proposal. 

As a related matter, Fisher also announced that David Lorber has been excused from all Fisher Board deliberations and reports in connection with the Huntingdon offer. In addition to serving on Fisher's Board, Mr. Lorber also is a member of the Board of Trustees of Huntingdon. Furthermore, according to publicly available information, FrontFour Capital Group LLC is the largest shareholder of Huntingdon, and Mr. Lorber is a co-founder and current portfolio manager of FrontFour, and Huntingdon's President and Chief Executive Officer, Zachary George, is also a co-founder and managing member of FrontFour. 

Dewey & LeBoeuf and Perkins Coie are serving as legal advisors to Fisher Communications. 

About Fisher Communications, Inc.

Fisher Communications (FSCI) is an innovative local media company with television, radio, internet and mobile operations throughout the western United States. Fisher operates 20 television stations, which include network affiliations with ABC, CBS, FOX, Univision and CW that reach 3.5% of U.S. television households, and 10 radio stations targeting a full range of audience demographics. Fisher Interactive produces more than 125 local and hyper-local websites and delivers comprehensive multiplatform advertising solutions to local businesses. The Company is headquartered in Seattle, WA. More information about Fisher Communications, Inc. is available at www.fsci.com.

Contact Information

  • Contact:
    Sard Verbinnen & Co
    Paul Kranhold/Ron Low/David Isaacs
    (415) 618-8750