Nexstar Broadcasting is said to be preparing to finalize its offer to acquire Media General.
The move could kick off kick off a window for a possible counterbid by Meredith Corp.
Media General had agreed to acquire Meredith for $2.4B in September before Nexstar pursued its own bid for Media General. Media General recently rejected a $16.31/share bid from Nexstar.
Nexstar is now firming up a $2.2B offer (about $17.50/share) in cash (60%) and stock, and when it and Media General reach an agreement, Meredith will have least four business days to come around with an intent to match or raise the bid, reports Bloomberg.
A Nexstar-Media General deal couldn’t be completed until the existing Media General-Meredith deal is terminated either voluntarily or by a shareholder vote that is several weeks away.