TEGNA recieves two multi-billion dollar acquisition offers

[Mediafrog+]

Another view of the TEGNA shenanigans: https://www.broadcastingcable.com/b...he-ball-tegna-broadcastings-investment-appeal

 

[Kelly A]

Another view of the TEGNA shenanigans: https://www.broadcastingcable.com/b...he-ball-tegna-broadcastings-investment-appeal

What "shenanigans"? As the story rightfully states: "There is no immediate mandate to sell and the company could resist any of the offers now on the table."

Have you heard the old business saying: Everything is for sale? Unless TEGNA's Board insists on a sale, they're under no obligation to take any offers.

 

[TheBigA]

Unless TEGNA's Board insists on a sale, they're under no obligation to take any offers.

I think the issue is loading up the board with people from the challenging company. Then they control the board.

 

[Kelly A]

I think the issue is loading up the board with people from the challenging company. Then they control the board.

I still wouldn't call that tactic a shenanigan either. Stacking the Board toward an agenda is pretty common.

 

[Y2kTheNewOldies]

https://www.reuters.com/article/us-...ral-nominee-brown-at-tegna-idUSKBN21Z2BJ?il=0


Here is more on the Tegna talks

BOSTON (Reuters) - Proxy adviser Institutional Shareholder Services Inc (ISS) said on Friday that Tegna Inc (TGNA.N) shareholders should elect one of hedge fund Standard General LP’s four director nominees to the U.S. regional TV station operator’s 12-member board.

ISS backed Standard General nominee Colleen Brown, saying that her “direct experience with local stations would appear to be additive to the board.” ISS recommended that shareholders not vote for three other dissident nominees, including Soohyung Kim, the hedge fund’s founder, who has been Tegna to sell itself.

“We are pleased that ISS supports change on the Tegna board, Kim said in a statement. “This recommendation reinforces our clear message that the status quo is no longer acceptable.”

 

[Y2kTheNewOldies]

https://tvnewscheck.com/article/top-news/248085/egan-jones-recommends-tegna-director-nominees/

Egan-Jones issues a statement on who should be pn the Tegna Board.

Egan-Jones writes:

“After evaluating the tenets of Tegna and Standard General, we determined that voting for the management’s slate is advisable, substantively and procedurally fair to, and in the best interests of Company and its shareholders…In our view, Tegna is in the right track of effectively executing strategies as a pure-play company, which translated to an improved financial and operational performance, and positive shareholder returns versus its peers.

“As opposed to what we believe to be Standard General’s false and misleading claims, we strongly believe that Tegna has adequately carried out its M&A transactions by acquiring assets that rendered accretive outcome and value creation.

 

[Kelly A]

Colleen would be the safe choice to build operations as a broadcaster, whereas Kim has a track record of pushing a 'break-up-and-sell' agenda.

 

[Y2kTheNewOldies]

https://tvnewscheck.com/article/top-news/248363/shareholders-re-elect-all-12-tegna-directors/

Now the Tegna Board has been elected as members.

Tegna announced this morning that current management led by Chairman Howard Elias and CEO David Lougee won its proxy battle with hedge fund investor Soo Kim as shareholders reelected the entire slate of 12 board directors recommended by management.

The declaration of victory was based on the preliminary vote count of Tegna’s proxy solicitor.

Kim, who had earlier rolled up Young and LIN into Media General before selling the combined companies to Nexstar, had challenged Tegna management, campaigning for votes to place himself and three others on the board.