Media General rejects Nexstar's increased takeover bid

Thursday, Dec 10, 2015

U.S. regional TV broadcaster Media General Inc rejected an increased takeover bid from Nexstar Broadcasting Inc, according to a source familiar with the matter.

Nexstar privately made an increased cash-and-stock offer last week of about $16.30 per Media General share based on Tuesday's close, the source said on Tuesday.

Media General rejected the bid and made a counter proposal of about $18.60 a share, the source added.

Media General, which itself is in a process to buy diversified media company Meredith Corp, had also rejected Nexstar's previous cash-and-stock offer of $14.50 a share.

A deal between the two would create the second-biggest local TV station operator in the United States.

Media General, Nexstar and Meredith could not be immediately reached for comment outside U.S. regular business hours.

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