TV station group Tegna was drawn squarely into the spotlight on Friday amid reports that the broadcaster has received multiple acquisition offers.
Tegna shares soared 26.5% in trading Friday after Reuters reported that the company has received an $8.5 billion acquisition bid from Atlanta-based Gray Television valuing Tegna at $20 a share.
Gray’s offer spurred private equity firm Apollo Global Management to make a similar bid albeit as an all-cash offer, according to Reuters.
Tegna shares closed at $17. Representatives for Tegna, Gray Television and Apollo did not immediately return requests for comments.
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