Another investor opposes the proposed Media General-Meredith merger.
Under the plan, Media General would pay some $2.4B for Meredith.
We reported that 4.5% Media General owner Starboard Capital was not in favor of the transaction.
Now, Oppenheimer, which owns 7% of Media General, opposes the deal, reports the New York Post.
Nexstar had made an earlier offer in August for Media General; Media General decided against the offer and to acquire Meredith instead.
Several Wall Street analysts have reacted negatively to the move, believing Nexstar’s latest $4B offer for Media General makes more sense.
Oppenheimer falls into that camp too, calling the Media General board decision not to consider Nexstar’s earlier offer “inexplicable,” according to the Post.
Meredith owns 17 local television stations and publishes magazines such as Better Homes and Gardens.