Tegna Takeover Talks Ended Due Amid COVID-19 Pandemic, Broadcaster Says
Tegna confirmed it got "four unsolicited acquisition proposals in recent weeks," saying two plans led to discussions that have since ended amid the ongoing coronavirus pandemic. Without identifying any of the would-be buyers, the TV station owner said Sunday "these two parties made their proposals shortly before the recent market dislocation due to the COVID-19 pandemic and both subsequently informed" the company "they were ceasing discussions."
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The broadcaster's board is "willing to consider transactions that create compelling value, and our focus now is on helping management navigate through an unprecedented environment,” said Chairman Howard Elias. CEO Dave Lougee said, like other companies, his "is operating in uncharted waters due to COVID-19 as we focus on ensuring the health and safety of our employees while continuing to create and preserve value."
The company's market value is $2.88 billion, it says. It didn't comment further. Its release said it doesn't "intend to update this disclosure."