Dec. 20, 2013, 3:11 PM
Sep. 12, 2013, 4:46 PM
- 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.
Aug. 22, 2013, 12:28 PM
- Time is running out for Belo (BLC -0.1%) to receive a higher offer Gannett's (GCI +0.9%) to sell itself, notes dealReporter. A shareholder vote is set for September 25.
- Despite the ticking clock, shares of Belo trade higher than the $13.75-per-share offer Gannett has on the table on speculation a new bidder could emerge.
Jun. 13, 2013, 7:41 PM
Standard & Poor's revises its rating outlook on Gannett (GCI) to positive from stable, and reafirms all other existing ratings on the company. The agency cites GCI's proposed debt-financed acquisition of Belo (BLC), saying it raises debt leverage, but improves the assessment of its business position. Additionally, the company could get a rating upgrade to 'BB+' over the intermediate term if S&P becomes convinced GCI will be able to maintain debt leverage on a trailing-eight-quarter EBITDA basis at less than 3x in 2014.| Jun. 13, 2013, 7:41 PM | 1 Comment
Jun. 13, 2013, 7:40 AM
More on Gannett (GCI) - Belo (BLC): The merger is expected to generate $175M in annual synergies within three years after closing and add $0.50 to EPS within the first year. The deal won't stop Gannett's buyback plans. The company says it has a new $300M share buyback authorization in place which it expects to use within the next two years.| Jun. 13, 2013, 7:40 AM
Jun. 13, 2013, 7:36 AM