Termination Of TEGNA's Merger Agreement With An Affiliate Of Standard General L.P; Under The Terms Of The Merger Agreement, TEGNA Is Entitled To Receive A Termination Fee Of $136M From Standard General
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TEGNA's merger agreement with an affiliate of Standard General L.P has been terminated. TEGNA is entitled to receive a $136 million termination fee from Standard General. The company's board and management team are reviewing the return of additional excess capital accumulated during the pending merger.
May 22, 2023 | 9:13 pm
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TEGNA's merger with Standard General affiliate has been terminated, resulting in a $136 million termination fee. The company is reviewing the return of additional excess capital.
The termination of the merger agreement may have mixed effects on TEGNA's stock price. On one hand, the $136 million termination fee provides additional capital. On the other hand, the termination of the merger may be seen as a lost opportunity for growth and expansion. The company's decision on how to use the excess capital will be crucial in determining the stock's short-term direction.
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