Meredith Accepts Revised Offer For Local Media Group From Gray Television At $2.825 Bln Cash

Media company Meredith Corp. (MDP) announced Thursday that it has accepted a revised proposal from Gray Television, Inc. (GTN) to acquire Meredith's Local Media Group for approximately $2.825 billion in cash. The two companies have entered into an amendment to their previously announced definitive merger agreement reflecting the revised terms.

Under the terms of the revised Gray proposal, Meredith shareholders would receive $16.99 per share in cash, revised from the previously announced $14.51 per share in cash, and 1-for-1 equity share in post-close Meredith.

The consideration was revised by Gary after Meredith received an unsolicited proposal from another party after announcing the definitive agreement with Gray.

Meredith's Board of Directors gave due consideration to both proposals and unanimously approved the revised Gray proposal. The Board of Directors of Meredith unanimously recommends that Meredith shareholders vote in favor of the revised Gray proposal.

The transaction is still expected to close in the fourth quarter of calendar 2021, and there have been no changes to the previously announced anticipated closing process. The Federal Communications Commission accepted Meredith and Gray's applications for the transaction's approval on May 26, 2021.

A month ago, Meredith had agreed to sell the Local Media Group to Gray Television for $2.7 billion in cash.

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