BREAKING! Tegna Looking at Possible Hostile Takeover Attempt

Tegna might have a fight on his hands for the current leaders to keep control of the company.

One of Tegna’s largest shareholders is demanding two seats on the board. They are also asking Tegna to launch a strategic review, including a possible sale of the company.

Soo Kim’s Standard General owns almost 10% on Tegna and is one of the broadcaster’s biggest shareholders

Standard General says that if their demands aren’t met, they are willing to start a proxy fight, which could lead to a hostile takeover of Tegna.

A representative for Standard General declined to comment.

A representative for Tegna wasn’t immediately available for comment.

Tegna’s stock price is rising and sits at $15.30 as investors see a possible proxy fight driving up the stock.

This could get very interesting in the next few weeks, it will remains to be seen in Tegna will cave to Standard General’s demands of the board seats.

It might be current management’s only choice.

Stay tuned….

H/T Bloomberg

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