McCaw Wants Lin to Halt TV Spinoff:...

McCaw Wants Lin to Halt TV Spinoff: McCaw Cellular Communications, which announced this week that it is bidding $6.5 billion for Lin Broadcasting, said the offer for its rival was conditioned on Lin halting its planned spinoff of seven broadcast television stations. In a filing with the Securities and Exchange Commission, McCaw, the nation’s largest cellular telephone company, said the spinoff would “materially reduce the value of the company’s common stock outstanding” and incur substantial costs. If Lin carries out the planned spinoff, McCaw said it would either reduce its $120-a-share offer for the broadcasting and cellular communications company or withdraw it altogether.