Gray Pulls Offer for Tegna

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It appears that Gray Television is no longer interested in buying the Tegna stations.

Gray was the first to jump forward with an offer of $20 a share, or $8.5 billion in combined cash and stock for Tegna.

After Gray made the offer both Apollo and Byron Allen’s Allen Media matched the same offer.

But now it appears that Gray is pulling their offer and is no longer interested.

Sources say that Tegna was open to the offers and provided due diligence access to all three companies making a bid.

That is now down to two companies….for now.