Suitors vying for Tegna's TV stations can't keep them all [Reuters]
TEGNA Inc (TGNA)
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Source: Reuters
Suitors vying for Tegna's TV stations can't keep them all March 13 (Reuters) - The race to acquire U.S. TV station operator Tegna Inc hinges not just on the price suitors are willing to pay, but also on how much they may give up in terms of assets to win regulatory approval, people familiar with the matter said. Peer Gray Television Inc, private equity firm Apollo Global Management Inc and media mogul Byron Allen have submitted competing offers for Tegna, valuing it at $8.5 billion, including debt, according to people familiar with the matter. Apollo and Allen have each offered $20 per share in cash for Tegna, while Gray has also made a $20-per-share bid, but with a small portion of it to be funded with its own shares as currency, rather than all-cash, the sources said. As the bidding war rages and the suitors revise their offers, the outcome will also be determined by the ability of the successful acquirer to divest some TV stations, the sources said. All three bidders own TV station
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