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Starboard Value writes of frustration at speed of Media General/Nexstar talks

Nov. 10, 2015 9:49 AM ETMontrose Environmental Group, Inc. (MEG) StockMEG-OLD, GTN, NXSTBy: Jason Aycock, SA News Editor
  • Starboard Value -- the activist investor which said it would vote against Media General's (NYSE:MEG) $2.4B deal to buy Meredith Corp. (NYSE:MDP) -- has sent a new letter to Media General expressing "surprise and frustration" over the pace of engaging with Nexstar Broadcasting (NASDAQ:NXST) over its hostile bid for Media General.
  • The firm says it continues to believe in the "compelling strategic and economic benefits" of a Media General/Nexstar tie-up, but wonders about the delay in determining that that lead to a superior offer.
  • It's been close to a month since a Meredith waiver allowing some mutual due diligence, Starboard writes; "Why would Media General not want to explore how much Nexstar may be willing to offer?"
  • Nexstar's $4.1B hostile offer led a number of investors and observers to question Media General's deal for Meredith over whether it was unfavorable to tying up with Nexstar instead.
  • Previously: Media General reaches deal with Meredith to exchange info with Nexstar (Oct. 14 2015)
  • Previously: Media General, Nexstar higher amid report that Meredith deal's dead (Oct. 07 2015)
  • Previously: Major holder Starboard Value weighs in against Media General/Meredith (Sep. 29 2015)

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