Activist Investor Boosts Stake In Broadcaster Tegna
Funding group Normal Normal mentioned Friday it boosted its stake in Tenga and now owns 12% of the broadcaster. It believes it’s now the only largest shareholder.
“We’re totally dedicated to Tegna, and we aren’t going anyplace,” mentioned Soo Kim, Normal Normal’s founding associate. “This improve in our place underscores our conviction that the corporate’s intrinsic worth is way larger than its market worth, but in addition our perception that Tegna is not going to obtain its full potential with out an upgraded Board.”
Normal Normal has put forth an alternate slate of 4 board members in opposition to the corporate’s nominees.
“Our extra funding boosts our financial and monetary publicity to the corporate’s fairness and indicators our steadfast dedication to driving change at Tegna for the advantage of all shareholders.”
Normal Normal has criticized the corporate’s management and expressed concern that it wasn’t participating with handful of suitors that had been circling the corporate. Tenga mentioned final week that of 4 bidders, two withdrew gives and the opposite two had not signed confidentiality agreements needed to maneuver negotiations additional or proven the place they’d get the financing.
COPYRIGHT_BP: Published on https://bingepost.com/activist-investor-boosts-stake-in-broadcaster-tegna/84208/ by Hilda Workman on 2020-04-03T13:58:45.000Z