Tegna Confirms Two Acquisition Offers Withdrawn Amid Coronavirus Upheaval

Tegna Confirms Two Acquisition Offers Withdrawn Amid Coronavirus Upheaval
Tegna confirmed Sunday that two suitors for the station group have recently withdrawn acquisition offers, citing the upheaval in the broader marketplace caused by the coronavirus crisis.

Tegna’s statement is the company’s first acknowledgement that it has received four unsolicited acquisition offers in recent weeks. Two of those have since been withdrawn while the other two have yet to progress in the due diligence process, nor have the bidders advised Tegna leaders on financing specifics, according to Tegna.

The suitors who have bowed out are believed to be Atlanta-based Gray Television, which fielded a cash-and-stock offer valuing Tegna at $20 a share,
See full article at Variety - TV News »

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