Tegna confirms takeover approaches from four parties

March 29 (Reuters) – U.S. regional TV station operator Tegna Inc said on Sunday it held talks with two of the four interested parties on their takeover proposals in recent weeks but have since ceased discussions following the disruption caused by the coronavirus.

Two parties made proposals shortly before the recent market dislocation due to the COVID-19 pandemic and subsequently informed Tegna that they were ceasing discussions, the company said, without disclosing the names of the bidders.

Tegna said the other two companies have not signed confidentiality agreements to enable due diligence and have not delivered any information on financing sources.

Private investment firm Najafi Companies and Trinity Broadcasting Network earlier in the month had offered to take Tegna private at $20 per share, on the same day that Gray Television had withdrawn its offer to acquire Tegna over concerns of impact of coronavirus.

Private equity firm Apollo Global Management Inc and media mogul Byron Allen had also made a $20-per-share all-cash offers for Tegna, Reuters had reported.

Reporting by Bhargav Acharya in Bengaluru; editing by DIane

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