Media General (MEG) said it retained Goldman Sachs (GS) and Weil, Gotshal & Manges to help the firm’s board evaluate an unsolicited proposal made on Sept. 28 by Nexstar Broadcasting (NXST), according to a statement issued on Monday. The review will be completed in due course and the board will advise investors of the outcome.
It continues to recommend the proposed transaction entered into on Sept. 8 with Meredith (MDP), under which Media General will acquire all outstanding Meredith shares in a cash and stock transaction, the Richmond, Virginia-based television station operator said.
MEG fell 0.2% after-hours recently, in a 52-week range of $9.74 to $18. NXST was down 0.8%, in a range of $36.41 to $60.31.
