E.W. Scripps Board Unanimously Rejects Sinclair Offer
The board of directors for E.W. Scripps unanimously voted to reject Sinclair’s Nov. 24 unsolicited purchase offer, said a news release late Tuesday. “The Scripps board determined, following a careful review and evaluation in consultation with its financial and legal advisors, that Sinclair’s offer is not in the best interests of the company and its shareholders.”
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Four days after Sinclair made the offer, the board adopted a “poison pill” shareholder rights plan to prevent Sinclair from buying Scripps (see 2511260037). Sinclair had offered to pay $7 per share to Scripps shareholders in a deal that it said could be completed under existing FCC rules. Sinclair didn’t immediately comment Tuesday.
Scripps' “board nonetheless remains open to evaluating opportunities to enhance shareholder value and will continue to consider any course of action, including any acquisition proposal, that is in the best interest of all shareholders,” it said.