The E.W. Scripps Company‘s board of directors has unanimously decided to reject the unsolicited acquisition proposal submitted by Sinclair Inc. to acquire all of the outstanding shares of Scripps that it does not already own.
In a late Tuesday announcement, publicly traded Scripps said its board determined, “following a careful review and evaluation in consultation with its financial and legal advisors,” that Sinclair’s offer for $7 per share in a mix of cash and stock is not in the best interests of the company and its shareholders.
Kim Williams, the chair of Scripps’ board, said, “The board is committed to acting in the best interests of all Scripps shareholders as well as the company’s employees and the many communities and audiences it serves across the United States. After careful consideration, Scripps’ board determined that Sinclair’s unsolicited acquisition proposal is not in the best interests of Scripps and its shareholders. The board nonetheless remains open to evaluating opportunities to enhance shareholder value and will continue to consider any course of action, including any acquisition proposal, that is in the best interest of all shareholders.”
Morgan Stanley & Co. is acting as financial advisor and Weil, Gotshal & Manges LLP is acting as legal advisor to Scripps.
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