MONSEY, N.Y., Feb. 22, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Tegna Inc. (NYSE: TGNA) (“TGNA”) acted in the best interests of TGNA shareholders in approving the sale of TGNA to Standard General and Apollo Global for $24.00 per share in cash.
If you remain a TGNA shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/tegna/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On February 22, 2022, TGNA announced an agreement for Standard General and Apollo Global to purchase all of the outstanding shares of TGNA for $24.00 per share in cash. The consideration also includes additional cash consideration in the form of a “ticking fee” where the price increases by incremental amounts starting with 5 cents per share per month if the closing occurs between the 9- and 12-month anniversary of signing, increasing up to 12.5 cents per share per month if the closing occurs between the 14- and 15-month of the anniversary of signing.
The agreement has been approved by the TGNA board.
Our investigation concerns whether TGNA’s board acted in the best interests of TGNA shareholders in approving the sale to Standard General and Apollo Global, including whether the acquisition price adequately compensates TGNA shareholders, and whether all information regarding approval of the transaction has been fully disclosed.
In particular, according to an analysis of Wall Street TGNA price targets in the last 90 days published on Seeking Alpha, at least one analyst has a price target for TGNA of $27.00 per share.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
