Nexstar chairman and CEO Perry Sook says he hopes Media General’s move of retaining additional financial and legal advisors to help its board of directors consider Nexstars’ proposal to buy the station group means it’s seriously considering the pitch.
“We hope this action means the Media General Board will conduct an objective and timely evaluation of our clearly superior proposal,” said Sook. “Based on our conversations with many large Media General shareholders, they are highly supportive of our proposed combination of Nexstar and Media General. We hope Media General’s Board will engage with us promptly to enter into a transaction that is in the best interests of our respective shareholders.”
Media General announced in early September it was buying Meredith for $2.4 billion. If the deal is approved, it will create the third largest station group in the country. Nexstar countered by offering to buy Media General for $10.50 a share in cash and a fixed ratio of 0.0.898 Nexstar shares per Media General share.