By Jill Goldsmith A large shareholder of broadcaster Tegna, fund managers Standard General, has proposed an alternative slate of five new directors to counter what it calls “a continuing pattern of passivity” in financial performance, and to ensure the board considers multiple acquisitions offers.
Gray Television, Apollo Global and Allen Media have recently made offers to buy Tegna. The bids are comparable in terms of price – about $20 a share, or $8.5 billion.
Gray’s offer is a combination of cash and stock, Apollo and Allen are offering all stock, according to sources. “We are seeking to change a significant minority of the Company’s Board of Directors,” said Standard General in a proxy document sent to other shareholders of Tenga.
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