Media General To Review $4.1 Bln Worth Unsolicited Proposal From Nexstar

(RTTNews) - Media General, Inc. (MEG) Monday confirmed the acquisition proposal from Nexstar Broadcasting Group (NXST) and said it would carefully review and consider the proposal to determine the course of action. The proposal was for $14.50 per share in a cash and stock deal valued at $4.1 billion, including debt. The proposal offered a fixed ratio of 0.0898 Nexstar shares per Media General share and $10.50 per share in cash.

Media General advised its shareholders to take no action at this time and said it will have no further comment until the Board completes its review.

Earlier on September 8, Media General has entered into a definitive merger agreement with Meredith Corp. (MDP) by which Media General will acquire all of the outstanding common stock of Meredith in a cash and stock transaction. The transaction was expected to create a multiplatform and diversified media company Meredith Media General.