MDP - Gray Television to acquire Local Media Group from Meredith at revised offer of $16.99 per share

Meredith Corporation (MDP) has accepted a revised proposal of Gray Television (GTN) to acquire Local Media Group for ~$2.825B in cash vs. previous offer of $2.7B.As per the terms, Meredith Corporation shareholders would receive $16.99 per share in cash, revised from the previously $14.51 per share in cash, and 1-for-1 equity share in post-close Meredith. The Federal Communications Commission accepted Meredith and Gray's applications for the transaction's approval on May 26, 2021.Gray continues to expect that the amended transaction will be significantly accretive to free cash flow per share.The transaction is expected to close in the fourth quarter.Previously: Meredith rises 13% with $2.7B deal to sell local stations to Gray (May 3)

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Gray Television to acquire Local Media Group from Meredith at revised offer of $16.99 per share