Reliance Capital revised its bid for John Blair & Co.

Under Reliance Capital Group’s new proposal, it would make a tender offer of $31 a share for 7 million shares of the broadcasting company’s common stock. Initially, Reliance Capital offered $27 a share for 8 million of Blair’s common shares. Reliance would exchange those shares not purchased in the tender offer for about 2.5 shares of Blair’s Advo-System direct-mail subsidiary and 15-year debentures with a face value of $20.75. Excluded from the Advo distribution would be 16.7% of Advo’s stock that Blair previously agreed to sell.