Tegna Inc. ( NYSE: TGNA ) rose 2.8% in after hours trading after the termination date for its planned sale to Standard General was extended until May 22.
The walk date for deal was extended to May 22 from Wednesday, according to an 8-K filing on Tuesday. Standard General said in a separate statement that its expects the transaction to close in March or April subject to Federal Communication Commission approval. The private equity firm said that all waiting periods for the federal antitrust regulator had expired.
Investors have been awaiting regulatory approval from the FCC and the Dept. of Justice. TV broadcaster Tegna ( TGNA ) in November agreed to extend the end date for its sale to Standard General u ntil February 22 , which could be extended another three months.
Standard General in December offered some remedies to the regulators ,including waiving some certain contractual rights , in an effort to appease regulators at the FCC and DOJ.
Last month Standard General's Soo Kim said he's optimistic that talks with regulators over the planned acquisition of Tegna ( TGNA ) were closer to the end than the beginning.
Tegna ( TGNA ) in late February of last year agreed to be sold to Standard General for $24/share .
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Tegna gains as deal termination extended three months