October 30, 2008

In which we bid on the Statesman

We are seriously considering a bid for the Statesman which is, as many of you are no doubt aware, being put out on the lawn (like knick-knacks from grandma's trip to Oklahoma) in Cox's garage sale of Texas media properties.

We can report that will be submitting a cash and a securities offer that, to say the least, is impressive. For us. The securities (or, as our adviser calls them, 50 year IOU's) we are issuing as part of the transaction have a notational value in the hundreds of millions. Their current cash equivalent is $19.32 which we think is extraordinarily fair.

And yes, Statesman staff, we'll be giving you all raises should our bid be chosen. Even you, Gardner.

Posted by mcblogger at October 30, 2008 11:37 AM

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