By Jill Goldsmith Gray Television is said to have withdrawn its bid for Tegna, The company had offered $20 a share, or $8.5 billion in combined cash and stock for Tegna.
Its bid was followed by identical offers from private equity giant Apollo Global and Byron Allen’s Allen Media – both all cash offers, also for $8.5 billion.
Those offers appear to still be on the table. Gray’s move was reported by Reuters. The company could not be immediately reached for comment.
Allen Media declined to comment, as did Tegna. Apollo couldn’t be immediately reached. A source familiar with the matter sad Tegna “has fully engaged and provided diligence to all three bidders.” A large Tegna shareholder Standard General has put up an alternate board slate of
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