Waiting period ends early for ION, Citadel merger; tender offer slated to end June 1

By Lisa Kerner

Charlotte, N.C., May 11 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed $1.46 per share cash tender offer by Citadel Investment Group, LLC and its affiliates for ION Media Networks, Inc.

The tender offer is scheduled to expire at midnight ET on June 1, according to a company news release.

On May 4, ION entered into an agreement with affiliates of Citadel Investment Group, LLC and NBC Universal, Inc. for a comprehensive recapitalization of ION that includes taking the company private.

Under the deal, NBC Universal is transferring to Citadel the call right on Bud Paxson's controlling shares it acquired in November 2005 and Citadel will exercise the call right, begin a cash tender offer and invest $100 million to fund ION's future growth and digital investment plans.

ION will launch an exchange offer and consent solicitation to holders of its other preferred stock for newly issued subordinated debt and preferred stock. NBC Universal will continue to hold a minority interest following the restructuring.

ION is a West Palm Beach, Fla., network television broadcast company.

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