Meredith Corporation Accepts Revised Proposal From Gray Television To Acquire Local Media Group
Meredith Corporation announced that it has accepted a revised proposal from Gray Television, Inc. to acquire Meredith's Local Media Group for approximately $2.825 billion in cash, and that the two companies have entered into an amendment to their previously announced definitive merger agreement reflecting the revised terms. Under the terms of the revised Gray proposal, Meredith Corporation shareholders would receive $16.99 per share in cash, revised from the previously announced $14.51 per share in cash, and 1-for-1 equity share in post-close Meredith. Meredith received an unsolicited proposal from another party after announcing the definitive agreement with Gray and subsequently received the revised Gray proposal. Meredith's Board of Directors gave due consideration to both proposals and carefully assessed the risks and benefits of each and unanimously approved the revised Gray proposal. The Board of Directors of Meredith unanimously recommends that Meredith shareholders vote in favor of the revised Gray proposal.