• News
  • Entertainment
    • Movies
    • Hollywood
    • Bollywood
    • Technology
    • Music
    • Deals
    • Games
    • Fashion
  • Finance
  • Crypto
  • Casino

Tegna Confirms Two Acquisition Offers Withdrawn Amid Coronavirus Upheaval

18.7KShares
492.6KViews

Tegna confirmed Sunday that two suitors for the station group have not too long ago withdrawn acquisition presents, citing the upheaval within the broader market attributable to the coronavirus disaster.

Tegna’s assertion is the corporate’s first acknowledgement that it has obtained 4 unsolicited acquisition presents in latest weeks. Two of these have since been withdrawn whereas the opposite two have but to progress within the due diligence course of, nor have the bidders suggested Tegna leaders on financing specifics, in accordance with Tegna.

The suitors who’ve bowed out are believed to be Atlanta-based Grey Tv, which fielded a cash-and-stock provide valuing Tegna at $20 a share, or about $8.5 billion earlier this month. Non-public fairness large Apollo World Administration adopted with an all-cash provide in the identical vary. Tegna owns 62 network-affiliated TV stations serving 51 giant and mid-sized markets.

After the historic losses in U.S. equities markets over the previous three weeks, Tegna shares have fallen to $13.21 as of the shut of buying and selling on Friday. The inventory was within the $16-$17 vary on the time the wave of bids surfaced.

Along with Grey and Apollo, entrepreneur Byron Allen is alleged to have fielded an all-cash provide together with spiritual broadcast group Trinity in partnership with Phoenix-based non-public fairness agency Najafi Corporations. Najafi and Trinity on March 17 introduced they’d notified Tegna’s board of administrators of its intent to make an all-cash provide at $20 a share.

COPYRIGHT_BP: Published on https://bingepost.com/tegna-confirms-two-acquisition-offers-withdrawn-amid-coronavirus-upheaval/78494/ by Cecilia Jones on 2020-03-30T00:15:39.000Z

Tegna administration, led by president-CEO Dave Lougee, has been below strain from activist shareholder Soo Kim of funding agency Commonplace Normal to be extra lively at a time of continued consolidation of native TV station belongings. Tegna is among the final sizable collections of Huge four associates up for grabs as a pure-play broadcaster.

Sunday’s assertion marked Tegna’s first formal acknowledgement of acquisition exercise because the mating dances started final month.

“As has been extensively reported, Tegna has obtained 4 unsolicited acquisition proposals in latest weeks,” Tegna mentioned in a press release. “Tegna and its advisors engaged considerably with two of those events and offered them in depth private due diligence info. These two events made their proposals shortly earlier than the latest market dislocation as a result of COVID-19 pandemic and each subsequently knowledgeable Tegna that they had been ceasing discussions. The opposite two events haven’t signed confidentiality agreements to allow due diligence and haven’t delivered any info on financing sources.”

Lougee mentioned in a press release that the corporate’s speedy focus is on stabilizing enterprise amid the financial shock of the enterprise clampdown attributable to aggressive social distancing measures.

“Like each different firm, Tegna is working in uncharted waters as a consequence of COVID-19 as we deal with guaranteeing the well being and security of our staff whereas persevering with to create and protect worth,” Lougee mentioned. “Excessive-quality native information has by no means been extra necessary, and we’re lucky to have important contractual subscription revenues and a powerful stability sheet with minimal near-term debt maturities. We’re working by means of the present challenges raised by COVID-19 and are very assured that our long-term progress drivers stay intact.”

Commonplace Normal has proposed an alternate slate of 5 administrators to affix the Tegna board as a part of its effort to push the corporate to behave on the M&A entrance. Tegna administration has strongly refuted Commonplace Normal’s criticisms and pointed to Kim’s blended monitor document as an investor.

Tegna board chairman Howard Elias addressed the strain to contemplate options for the corporate — one thing that absolutely has been halted given the financial turmoil.

“Along with our deal with executing our standalone plan, the Tegna board and administration have meaningfully engaged with third events to discover alternatives to create worth,” Elias mentioned in a press release. “The board has been, and stays, keen to contemplate transactions that create compelling worth, and our focus now could be on serving to administration navigate by means of an unprecedented setting.”

Share: Twitter | Facebook | Linkedin

About The Authors

Cecilia Jones

Cecilia Jones - Cecilia Jones loves to write about movies, music, and the most popular and exciting news.

Recent Articles

  • Who Is Savannah Chrisley Dating And How She Restart Her Past Relationship

    Hollywood

    Who Is Savannah Chrisley Dating And How She Restart Her Past Relationship

    Let's talk about the question, "Who is Savannah Chrisley dating?" Savannah Chrisley, a reality TV star from the United States, is most known for her time from 2014 until 2021 as "Savannah Knows Best on the USA Network." She is the daughter of reality TV personality and real estate tycoon Todd Chrisley and also appeared in the film "Sharknado 4: The 4th Awakens."

  • Ex-Pakistan PM Imran Khan Joins Rally Since Shooting

    News

    Ex-Pakistan PM Imran Khan Joins Rally Since Shooting

    The former prime minister of Pakistan Imran Khan addressed a sizable crowd of fans Imran Khan joins rally since shooting and being wounded three weeks ago. In Rawalpindi, crowds gathered for a rally while carrying flags and signs. They were exhorted to live without concern for mortality by the former cricket star.

  • Who Is Meg Donnelly Dating? Exposing The 'Zombies' Star's Relationship History

    Movies

    Who Is Meg Donnelly Dating? Exposing The 'Zombies' Star's Relationship History

    Meg Elizabeth Donnelly, an American actress, model, dancer, musician, and vocalist, was born on July 25, 2000. She is best known for her performances in the three "Zombies" sequels as well as the original film. Because of his fame and talent in acting, it's interesting to know the answer to this question: who is Meg Donnelly dating?

  • Bingo Bonga Online Casino: Fun Way To Win Money

    Casino

    Bingo Bonga Online Casino: Fun Way To Win Money

    Bingo Bonga Casino is one of the most reputable online casinos around. It is owned and operated by the N1 Interactive Limited Casinos Group, which is one of the most reputable companies in the industry.

  • Japan Leaves Dressing Room Spotless After Beating Germany In World Cup 2022

    News

    Japan Leaves Dressing Room Spotless After Beating Germany In World Cup 2022

    In a 2022 World Cup group stage encounter on Wednesday in Qatar, Japan earned a historic first-ever victory over Germany, sparking jubilant celebrations. Japan leaves dressing room spotless after beating Germany, rather than celebrating the triumph.

  • Ukraine’s SBU Raids Russian-backed Monastery In Kyiv

    News

    Ukraine’s SBU Raids Russian-backed Monastery In Kyiv

    In an effort to stop what are believed to be "subversive activities by Russian special services," Ukraine's SBU raids Russian-backed monastery in Kyiv. Some of the UOC's most prominent clergy have been charged with continuing to covertly assist Moscow and using their position to sway churchgoers.

  • "Mass Exodus" Of Staffers Throws Twitter's Future Into Uncertainty

    News

    "Mass Exodus" Of Staffers Throws Twitter's Future Into Uncertainty

    Users submitted what they felt may be their final postings on the platform Thursday night, listing the other (more reliable) social media platforms where they can still be found and used the hashtag #RIPTwitter to create a global trend as the "mass exodus" of staffers throws Twitter's future into uncertainty.

  • Dove Cameron - Diving Into The Disney Star’s Colorful Love Life

    Hollywood

    Dove Cameron - Diving Into The Disney Star’s Colorful Love Life

    For the fans of Disney Channel’s “Liv and Maddie,” they could be well informed about the times their favorite Dove Cameron fell in love - on screen and off screen. She could either have become Mrs. McCartan or Mrs. Doherty. Alas! There’s neither a marriage nor a boyfriend.

  • Tears And Emotion As Wales Return To World Cup 2022

    News

    Tears And Emotion As Wales Return To World Cup 2022

    For thousands of Wales football fans, it is a day filled with intense emotion as they see something many feared they would never see. Tears and emotion as Wales return to World Cup 2022. They have traveled to Qatar from all over the world to witness their team play on the largest football stage ever for the first time since 1958.

  • Elizabeth Holmes Is Sentence To More Than 11 Years In Prison For Theranos Fraud

  • 10 Million Without Power After Russian Strikes On Ukraine’s Energy System

  • Who Is Yung Miami Dating? The World-famous Singer's Boyfriend

  • Who Is Mattie Westbrouck Dating? Young American Social Media Sensation Relationship Details

  • Who Is Kelly Clarkson Dating? This Is The Guy She's In Love With