TAFT <TFB> TO CONTINUE TO REVIEW ALTERNATIVES Taft Broadcasting Co said its board continues to explore alternatives, such as a possible financial restructuring, in response to a Theta Corp offer of 150 dlrs per share for Taft stock. Last week Taft rejected a 145 dlr-a-share bid by Theta, an investment group headed by Taft's vice chairman, Dudley Taft. Taft also said the new proposal would be submitted to the board but no decision had been made with respect to the sale of the company. In the proposal, Theta said it was prepared to discuss all aspects of the offer including price, structure and form of consideration and would be prepared to negotiate a transaction in which shareholders would receive a value in excess of 150 dlrs per share. Taft said Theta requested that the company cooperate and provide it with information subject to an appropriate confidentiality agreement. The company declined to comment beyond this statement.