TEGNA (TGNA) confirms receipt of acquisition proposals

POTENTIAL DEAL DETAILS

TEGNA (TGNA) confirmed the company has recently received acquisition proposals. Consistent with its fiduciary duty to TEGNA shareholders, the Board will carefully review and evaluate these proposals.

Update(s):

September 21, 2021: The broadcaster Tegna Inc. (TGNA) has received takeover interest from media mogul Byron Allen and private equity giant Apollo Global Management Inc. (APO), according to people familiar with the matter.

November 5, 2021: Byron Allen has raised $10 billion in preferred equity and debt for his bid for  Tegna Inc (TGNA), hoping to prevail over a rival offer from investment firms Apollo Global Management Inc (APO) and Standard General LP, people familiar with the matter said.

February 4, 2022: Tegna Inc. (TGNA) is in advanced discussions with one of its largest shareholders, Standard General, about a potential buyout at about $24 a share, according to people familiar with the matter.

The deal would be backed by alternative asset manager Apollo Global Management Inc., which is in talks to receive preferred shares in Tegna.

February 21, 2022: Standard General and Apollo Global Management Inc. are nearing a deal to acquire television broadcaster Tegna Inc. (TGNA) in a transaction valued at $24 a share, according to people familiar with the matter.

February 22, 2022: TEGNA Inc. (TGNA) and Standard General L.P. announced that TEGNA and an affiliate of Standard General have entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash.

The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt.

For more details view Deal Metrics

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.