M&A · Tech · Television Broadcasting Stations
Standard General L.P. to acquire Tegna Inc
Announced Feb 22, 2022 · Terminated May 22, 2023
Deal value$8.60BEV $8.60B
Premium39.0%To unaffected price
EV / Adj. EBITDA7.5x2.7x EV / Revenue
ConsiderationAll cash$24.00 per share
Transaction
- Acquirer
- Standard General L.P.
- Target
- Tegna Inc (TGNA)
- Buyer type
- Strategic
- Offer price per share
- $24.00
- Enterprise value
- $8.60B
- Status
- Terminated May 22, 2023
Deal protections
- Break fee (target pays)
- $163M · 1.9%
- Reverse fee (buyer pays)
- $272M · 3.2%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, BofA Securities, Goldman Sachs, Truist Securities, BNP Paribas, Credit Suisse +2
Advisors
- To the acquirer
- Moelis, RBC Capital Markets
- To the target
- JPMorgan, Greenhill
Sector context · Tech
- Comparable deals
- 58 in the prior 24 months
- Premium
- 39.0% vs. 30.9% sector median
- EV / Adj. EBITDA
- 7.5x vs. 17.4x sector median
- Break fee
- 1.9% vs. 3.0% sector median
Timeline
- AnnouncedFeb 22, 2022
- Proxy filedMar 25, 2022
- Definitive proxyApr 13, 2022
- Shareholder voteMay 17, 2022
- TerminatedMay 22, 2023