Meredith late Friday amended its proxy statement to the SEC concerning its binding merger agreement with Media General.
The move suggests it wants to save the deal “to create a powerful new multiplatform and diversified company” which it would call Meredith Media General; this is the deal Meredith is recommending shareholders approve. Nexstar offered MG shareholders $17.66 in cash and its own shares; it pegs the deal value at some $2.3 billion.
That’s because Media General announced it has its own deal to merge with Nexstar Broadcasting Group. Nexstar has twice sweetened its bid to acquire MG — and the tie-up would make moot its previous agreement to buy Meredith. That agreement had MG paying $2.4 billion to buy Meredith. Then Meredith offered MG shareholders $3.90 a share, as well as a ful share in the merged company.
These moves have triggered a bidding war, but it’s unclear how or when these deals could proceed, since Media General must first gain Meredith’s consent to terminate their merger agreement, reports MediaPost.