NEW YORK, March 6, 2020 / PRNewswire / – Standard General LP, one of the largest shareholders of TEGNA Inc. (NYSE: TGNA), and owner of approximately 9.7% of the outstanding shares of the company, today released the following statement regarding media reports that TEGNA has received several potential takeover offers for the Company:
Soo Kim, Founding Partner of Standard General LP, said: “We understand from media reports that TEGNA has received several offers from credible buyers. We believe that TEGNA’s board of directors, with the help of independent advisers, should lead a complete and fair process to explore all alternatives to maximize value for all shareholders. We also understand that these proposals involve both cash and stocks and all cash offers, and it is essential that the board of TEGNA administration carefully assesses the benefits and risks of all available alternatives. We are ready to work with TEGNA to help carefully assess these proposals. “
About Standard General L.P.
Standard General L.P. is a New York Cityan SEC-registered investment advisor who manages event opportunity funds. Standard General was founded in 2007 and mainly manages the capital of public and private pension funds, endowment funds, foundations and wealthy individuals. For more information, please visit http://www.standardgenerallp.com/.
Investor contacts
Bruce Goldfarb / Jason Alexander / Pat McHugh
Okapi Partners
[email protected]
(212) 297-0720
Media contacts
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Forward-looking statements
All statements in this press release that are not clearly of a historical nature or that are necessarily dependent on future events are “forward-looking statements”, which are not guarantees of future performance or results, and the words “anticipate “,” believe “,” expect “,” potential “,” could “,” opportunity “,” estimate “,” plan “and similar expressions are generally intended to identify forward-looking statements. The expected results and statements contained in this press release which are not historical facts are based on current expectations, are only valid as of the date of this press release and involve risks which may cause substantial differences between the actual results. Given the significant uncertainties inherent in forward-looking statements, the inclusion of this information should not be considered as a representation of future results. Standard General L.P disclaims any obligation to update the information contained in this document, unless required by law and reserves the right to modify at any time its opinions expressed herein, if it deems it appropriate. Standard General L.P. has not requested or obtained the consent of a third party to use the statements or information indicated in this document as having been obtained or derived from statements made or published by third parties.
CERTAIN INFORMATION ABOUT PARTICIPANTS
Standard General LP, along with the other participants named herein, intends to file a preliminary proxy and the accompanying WHITE proxy card with the Securities and Exchange Commission (“SEC”) to seek votes for the election of its list of candidates for qualified director positions at the 2020 annual meeting of shareholders of TEGNA Inc., Delaware (the society”).
STANDARD GENERAL STRONGLY ADVISES ALL SHAREHOLDERS IN THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY DOCUMENTS AS THEY ARE AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE FREE OF CHARGE ON THE SEC’S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, PARTICIPANTS IN THIS APPLICATION FOR A PROXY WILL PROVIDE COPIES OF THE DECLARATION OF PROXY AT NO COST, WHEN AVAILABLE, ON REQUEST. REQUESTS FOR COPIES SHOULD BE SENT TO THE PARTICIPANTS ‘PROXY SOLICITOR: OKAPI PARTNERS LLC, BRUCE GOLDFARB / JASON ALEXANDER / PAT MCHUGH, 212-297-0720, [email protected]
Participants in the solicitation of proxies should be Standard General L.P., Standard General Master Fund L.P., Soohyung Kim, Stephen Usher, David Glazek, Michael Perrone, Colleen B. Brown, Ellen McClain Haime, Deborah McDermott and Lawrence Wert.
As of the date hereof, Standard General L.P. beneficial owner of 21,124,315 common shares, $ 1.00 the nominal value per share of the Company (the “Common Shares”) in its capacity as investment manager for various private investment vehicles, including Standard General Master Fund L.P., which is the record owner of 100 shares; Soohyung Kim may be deemed to indirectly beneficially own the common shares beneficially owned by Standard General LP As of the date hereof, Mrs. Brown, Mrs. Haime, Mrs. McDermott, Mr. Usher, Mr. Glazek, Mr. Wert and Mr. Perrone do not beneficially owns no common shares.
SOURCE Standard General L.P.
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