Media General has dropped its $3.1B bid to buy Meredith, according to the NY Post, because Media General shareholders are unlikely to approve the deal.
Yesterday, major shareholder Oppenheimer (7% stake) joined Starboard Value (4.5% stake) stating it was against the acquisition.
MEG +0.7% premarket
Previously: Oppenheimer joins opponents of Media General/Meredith deal (Oct. 06 2015)
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