Standard General calls on Tegna to open books to remaining bidders [Reuters]
TEGNA Inc (TGNA)
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Source: Reuters
Standard General calls on Tegna to open books to remaining bidders March 31 (Reuters) - Standard General, the hedge fund battling for board seats at Tegna Inc, called on the U.S. regional TV station operator on Tuesday to open its books to two bidders still interested in acquiring the company amid the coronavirus crisis. Tegna said on Sunday that turbulent market conditions, driven by the coronavirus pandemic, had weighed on its negotiations with potential acquirers. It said two remaining bidders had not signed confidentiality agreements to enable due diligence, and had not delivered any information on financing sources. These two bidders are media investor Byron Allen and a consortium led by private investment firm Najafi Companies and Trinity Broadcasting Networkwhich. Each have made offers valuing Tegna at $8.5 billion, including debt. “The two remaining bidders for Tegna own other broadcasting assets, so there could be various synergies. Given that we don’t know what the synergies
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