POTENTIAL DEAL DETAILS
Stock | TEGNA Inc. | Symbol | TGNA |
Date Announced | 03/06/2020 | Source | Reuters |
Type | News Report |
U.S. regional TV station operator Gray Television Inc (GTN) has made an offer to acquire larger peer Tegna Inc (TGNA) for approximately $8.5 billion, including debt, people familiar with the matter said on Friday.
Update(s):
March 11, 2020: Budding media mogul Byron Allen has made a bid for broadcaster Tegna Inc. (TGNA) that values the owner of 62 local television stations at $4.4 billion, a person familiar with the matter said.
March 17, 2020: The Najafi Companies, a private global investment firm, and Trinity Broadcasting Network, the world’s largest and most watched faith-and-family broadcaster based in Fort Worth, TX, announced today the delivery of an offer to Tegna Inc.’s (TGNA) board of directors to jointly acquire the U.S. broadcast, digital media and marketing services company and take it under private ownership.
March 17, 2020: Gray Television Inc (GTN) has withdrawn its offer to acquire larger peer Tegna Inc (TGNA) because of concerns about the impact of the coronavirus outbreak on U.S. regional TV station operators, people familiar with the matter said on Tuesday.
March 29, 2020: TEGNA Inc. (TGNA) today reported on recent acquisition approaches. As has been widely reported, TEGNA has received four unsolicited acquisition proposals in recent weeks. TEGNA and its advisors engaged substantially with two of these parties and provided them extensive non-public due diligence information. These two parties made their proposals shortly before the recent market dislocation due to the COVID-19 pandemic and both subsequently informed TEGNA that they were ceasing discussions. The other two parties have not signed confidentiality agreements to enable due diligence and have not delivered any information on financing sources.
March 30, 2020: Shares of Tegna Inc. (TGNA) fell the most since November 2008 on Monday after Apollo Global Management Inc. ended its pursuit of the broadcaster, the second suitor to withdraw an offer during the turmoil in global markets.
Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.