Najafi and Religious Broadcaster Team Up to Make Offer for Tegna
The contest to acquire Tegna Inc. is heating up again.
Najafi Cos., a private equity firm, is teaming up with Trinity Broadcasting Network, which calls itself the world’s largest faith-based broadcaster, to make a bid for the TV-station owner. They’re offering about $20 a share in cash for Tegna, according to a statement from the suitors on Tuesday.
The surprise announcement sent shares of Tegna up 19% to $18 in late trading on Tuesday. They had been battered by the broader rout in recent days, pushing the stock far below a potential deal price.
The new would-be acquirers are vying with Apollo Global Management Inc. and TV producer Byron Allen, who have made their own bids of similar amounts, valuing Tegna at about $8.5 billion, including debt. Gray Television Inc., meanwhile, has dropped out of the bidding, people familiar with the matter said earlier on Tuesday.
Najafi and Trinity are creating a new entity for the proposed takeover and said they would turn Tegna into a private company “free from the pressures of managing short-term public shareholder objectives.”
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