Seattle's Fisher Communications rejects takeover bid

The Seattle broadcasting company Fisher Communications says it has rejected an unsolicited takeover offer worth about $384 million.

The company says in a today statement that the board decided the bid last April was not in the best interest of shareholders.

Fisher owns and operates 13 full power TV stations, eight low power TV stations and eight radio stations in the West. They include KOMO-TV and radio in Seattle.

The company also owns and operates Fisher Pathways transmission service, the Fisher Plaza building near the Seattle Center, and a Dallas-based online local news service called Pegasus News.

In a regulatory filing this morning, New York investment firm TowerView, which owns 9.5 percent of Fisher's stock, said that in the course of conversations with shareholders and others concerning the company, TowerView has heard that a proposal was made to acquire the Company at a price in the range of $43 to $45 per share and that this proposal was recently rejected by the Company.

TowerView said it reported the takeover talk so it would not be constrained by insider trading rules from trading in Fisher stock.

Fisher shares were up $2.74, or 8.6 percent, to $34.60 in early trading today.