Meredith Corporation Grants Waiver to Media General in Connection With Merger Agreement
Meredith Corporation (NYSE: MDP) confirmed Wednesday, that it has granted a Limited Waiver ("Waiver") to Media General, Inc. (NYSE: MEG) in connection with the definitive merger agreement between Meredith and Media General announced on September 8, 2015.
The Waiver allows Media General to conduct due diligence on the unsolicited offer it has received from Nexstar Broadcasting Group, Inc., and to provide Nexstar with certain information to attempt to support its previously claimed synergies. Meredith believes this analysis will confirm that a Meredith–Media General combination is in the best interest of both companies' shareholders.
Meredith is extremely confident that Meredith Media General has the potential to generate significant shareholder returns superior to Nexstar's offer for Media General. The Meredith–Media General combination creates a powerful and diversified multiplatform media company, and provides multiple avenues for growth. The Board of Directors of Meredith continues to recommend the proposed transaction with Media General.
Additionally, Meredith said today it is increasing the estimated synergies from a Meredith–Media General combination to at least $85 million, up from the $80 million identified when the merger agreement was announced. Meredith