Nexstar and Media General have agreed to merger terms, but that doesn’t mean Meredith is going away.
Under the Nexstar-MG deal, Nexstar would acquire MG for $10.55 a share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share.
Meredith, which has been attempting to merge with MG for weeks, offered a new deal to MG shareholders yesterday.
For its part, Nexstar made their proposal sound like a done deal.
“Nexstar looks forward to signing a definitive agreement with Media General as soon as Media General’s transaction with Meredith Corporation has been terminated by either party or following a Media General shareholder vote in which the Media General/Meredith transaction is not approved,” said the company, in a statement. “…The form of merger agreement between Nexstar and Media General has already been fully negotiated.”