NEW YORK, March 20, 2020 /PRNewswire/ -- Standard General L.P., one of the largest shareholders of TEGNA Inc. (NYSE: TGNA), and the owner of approximately 9.7% of the Company's outstanding shares, today issued the following statement regarding the multiple media reports concerning potential acquisition offers for the Company:
Soo Kim, Founding Partner of Standard General L.P., said, "It has been two weeks since we commented on the obligation of the TEGNA Board to run a full and fair process, with the assistance of independent advisors, to explore all alternatives to maximize value for all shareholders. During that time, there have been numerous reports of interest from credible third parties in an acquisition of TEGNA, but to date TEGNA has made no public statement regarding these proposals. Indeed, TEGNA continues to publish investor materials that omit any reference to these acquisition proposals, which present the opportunity for all shareholders to realize a substantial premium to the undisturbed market price of TEGNA common stock."
Mr. Kim continued: "Consistent with its fiduciary responsibility to maximize the value of shareholders' investment, we expect the TEGNA Board to pursue these offers vigorously. We expect TEGNA to give interested parties access to due diligence to enable those parties the opportunity to develop their offers for the Company. In light of challenging market conditions, TEGNA should be open to creative structures and financing solutions that will maximize value and certainty for all shareholders. Standard General remains ready to work with TEGNA to help thoughtfully evaluate all alternatives. However, if the TEGNA Board takes actions that discourage or create obstacles for credible third parties, we will hold the Board and its advisors accountable."
About Standard General L.P.
Standard General L.P. is a New York City-based SEC-registered investment advisor that manages event-driven opportunity funds. Standard General was founded in 2007 and primarily manages capital for public and private pension funds, endowments, foundations, and high net-worth individuals. For more information, please visit http://www.standardgenerallp.com/.
Bruce Goldfarb / Jason Alexander / Pat McHugh
All statements contained in this press release that are not clearly historical in nature or that necessarily depend 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 projected results and statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. In light of the significant uncertainties inherent in the forward-looking statements, the inclusion of such information should not be regarded as a representation as to future results. Standard General L.P. disclaims any obligation to update the information herein except as may be required by law and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Standard General L.P. has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Standard General L.P., together with the other participants named herein, has filed a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2020 annual meeting of shareholders of TEGNA Inc., a Delaware corporation (the "Company").
STANDARD GENERAL STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR: OKAPI PARTNERS LLC, BRUCE GOLDFARB / JASON ALEXANDER / PAT MCHUGH, 212-297-0720, [email protected]
The participants in the proxy solicitation are Standard General L.P., Standard General Master Fund L.P., Soohyung Kim, Stephen Usher, David Glazek, Amit Thakrar, Daniel Malman, Colleen B. Brown, Ellen McClain Haime, Deborah McDermott and Lawrence Wert.
As of the date hereof, Standard General L.P. beneficially owns 21,124,315 shares of Common Stock, $1.00 par value per share of the Company (the "Common Stock") in its capacity as the investment manager to 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 shares of Common Stock beneficially owned by Standard General L.P. As of the date hereof, Ms. Brown, Ms. Haime, Ms. McDermott, Mr. Wert, Mr. Usher, Mr. Glazek, Mr. Thakrar and Mr. Malman do not beneficially own any shares of Common Stock.
SOURCE Standard General L.P.