- Some institutional investors in Belo (BLC +0.2%), including Pine River Capital and other hedge funds, will not vote for the proposed $13.75/share merger with Gannett (GCI -0.3%) on the belief that Belo's stations could be sold for more at auction, The WSJ reports. However, the newspaper states that the odds still tilt towards approval.
- Shares closed today at $14.30, as the market speculates that a better offer or new bidder will appear.
- The vote is scheduled in two weeks' time.