Nexstar Intends to Go All The Way to Acquire MG
Nexstar Broadcasting is pouring it on.
The broadcaster has “reiterated its commitment” to acquire Media General.
In a message to current and potential shareholders, Nexstar Chair/President/CEO Perry Sook stated the company expects to consummate a transaction “expeditiously.”
“Despite Meredith Corporation’s attempt to recast its proposed combination with Media General as a merger of equals, it is clear that Media General favors a transaction with Nexstar and shares our commitment to seeing it to fruition. As described by Media General in its most recent S-4 filing, Meredith’s proposed no-premium merger of equals transaction is ‘not competitive with Media General’s proposed transaction construct with Nexstar,’” according to Sook.
He says Meredith’s continuing refusal to terminate its agreement is “misguided” and should Meredith take its acquisition by Media General to a vote of Media General shareholders, which is expected within the next 60 days, it will certainly be voted down. “The fact that Meredith sought to change its transaction terms is a clear admission that our proposal is superior,” notes Sook.
Short of threatening legal action, Sook makes it clear that “we intend to take any steps that may be necessary to allow us to consummate our agreed transaction with Media General.”