Deals
Nexstar Makes Bid on Media General to Scuttle Meredith Deal
- Offer worth $14.50 a share, 30% higher than Friday's close
- Nexstar tries to break Media General's deal with Meredith
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Nexstar Broadcasting Group Inc. made an unsolicited bid to buy Media General Inc. for about $1.85 billion, trying to break the broadcaster’s agreement to acquire TV-stations owner and magazine publisher Meredith Corp.
proposal, currently valued at $14.50 per Media General share, includes $10.50 in cash and a fixed ratio of 0.0898 Nexstar shares, according to a statement Monday. The offer is 30 percent higher than Media General’s closing price on Sept. 25.