One Offer for KING5 Parent Withdrawn, But Three Remain


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.”

Read the rest of the story  HERE.


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