Byron Allen’s Allen Media Group has made an all-cash offer for Tegna, the station group that has attracted at least two other bids during the past week.
Allen is believed to have offered $20 a share for Tegna in a bid that values the company at $8.5 billion, including more than $4 billion of Tegna debt.
That’s in the range of offers that were submitted by Atlanta-based Gray Television and private equity giant Apollo Global Management.
Gray’s offer includes cash and stock, which is less attractive at a time of extreme volatility in the equities markets. A representative for Allen could not be reached for comment late Wednesday.
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