February 28, 2022 | Media | North America | Ended
Virginia-based US television station operator Tegna has agreed to be taken private by New York investment fund Standard General for $24.00 per share, a deal that values Tegna at a $5.4bn equity value and an $8.6bn enterprise value. The offer represents a 15% one-day takeover premium to Tegna’s closing price on 18-Feb-22 and a 39% premium to 14-Sep-21, the day before the media speculated about the potential sale. Tegna’s board supports the transaction and conditions to closing include approval by Tegna shareholders (50%) and US regulatory approvals from the FTC / DoJ and the Federal Communications Commission (FCC). HSR and FCC applications are expected to be made within 10 business days of the M&A announcement (i.e., by 8-Mar-22). The offer consideration also includes scaled ticking fees if consummation takes longer than anticipated. The companies currently expect the deal to close in ...
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