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Tegna confirms acquisition offers after report of bids from Apollo, Byron Allen

09/21/2021 | 03:23pm EDT

Sept 21 (Reuters) - Tegna Inc confirmed on Tuesday it had received acquisition proposals and were being reviewed, after a report said private equity giant Apollo Global Management Inc and media entrepreneur Byron Allen had bid for the TV firm.

On Tuesday, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-09-21/tegna-confirms-takeover-offers-after-report-of-apollo-making-bid?cmpid=socialflow-twitter-business&utm_campaign=socialflow-organic&utm_source=twitter&utm_content=business&utm_medium=social&sref=y3YMCJ4e Allen had teamed up with Ares Management Corp to offer $23 per share for Tegna, citing a person familiar with the matter.

Apollo, along with co-bidder Standard General, also made an all-cash offer of nearly $22 a share for the media company, the report added.

As of June-end, Standard General is the fourth-largest shareholder of Tegna, with a 4.8% stake, according to data from Refinitiv.

The offers from Allen and Apollo would value Tegna at $5.1 billion and $4.9 billion respectively, according to Reuters calculations.

Apollo, Standard General and Ares Management did not immediately respond to Reuters' requests for comment.

Shares of the broadcaster were up 9.7% at $21.41 in afternoon trading.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)

© Reuters 2021
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