U.S. broadcaster E.W. Scripps' board on Tuesday unanimously rejected Sinclair's $622 million acquisition proposal.
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U.S. broadcaster E.W. Scripp
s’ board on Tuesday unanimously rejected Sinclair
’s $622 million acquisition proposal, saying it was not in the best interests of the company and its shareholders.
Sinclair, which already owns 8.2% of Scripps, made the unsolicited bid last month to buy all remaining shares for $7 apiece, including $4.28 in stock. The deal would have given Scripps investors about 12.7% of the combined company.
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