Teton Merger Corp. Extends TEGNA Tender Offers

Teton Merger Corp. is extending the early tender date, the withdrawal deadline and the expiration date of its previously announced cash tender offer to purchase three series of TEGNA senior notes — a move directly tied to the troubled acquisition of the broadcast television company known as Gannett by Standard General.

The delay involves TEGNA’s outstanding 4.750% Senior Notes due 2026, its 4.625% Senior Notes due 2028,) and TEGNA’s 5.000% Senior Notes due 2029.

The early tender date was Tuesday (4/4) at 5pm Eastern. Given the circumstances surrounding the privatization effort of TEGNA led by Standard General, this has been extended to April 18 at 5pm.

So is the withdrawal deadline and expiration date.

As such, holders have two more weeks — unless extended or earlier terminated — to tender their notes.

And, there’s a very good chance further extensions will come as a D.C. Federal Court considers Standard General’s lawsuit against the FCC for the Media Bureau’s decision to place the merger’s fate in the hands of Administrative Law Judge Jane Hinckley Halprin, who has been asked by the Media Bureau to answer specific questions that cloud its approval of the merger.

If April 18 stands, the consideration payable in connection with the tender offer will be as follows:

(1) Does not include accrued and unpaid interest from the last date on which interest has been paid to, but excluding, the Early Settlement Date or the Final Settlement Date (each, as defined in the Offer to Purchase), as applicable, that will be paid on the Notes accepted for purchase.

(2) Payable only to holders who validly tender (and do not validly withdraw) Notes prior to the Early Tender Date.

(3) The Early Participation Premium is included in the Total Consideration.