Tegna Inc. (NYSE: TGNA), the Tysons-based operator of dozens of U.S. television stations, said Tuesday it has recently received multiple acquisition proposals — a new round of overtures after offers last year were pulled as the Covid-19 pandemic was taking hold.
According to reports, media mogul Byron Allen is teaming with alternative investment firm Ares Management Corp. (NYSE: ARES) on a bid, while private equity giant Apollo Global Management Inc. (NYSE: APO) and Standard General LP are joining on another.
The Allen-Ares bid is for $23 per share, while the Apollo-Standard General offer is pegged at $22 per share in cash, according to Bloomberg.
“Consistent with its fiduciary duty to Tegna shareholders, the board will carefully review and evaluate these proposals,” Tegna said in a statement.
Tegna’s share price jumped 10.76% to $21.65 on Tuesday after it revealed it was fielding offers. Its stock value has grown 54.76% year to date, and its price at Tuesday’s closing…
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