Scripps Still Rejecting Sinclair's Offers
E.W. Scripps has continued to rebuff Sinclair’s merger offers, Sinclair said in a news release Friday. The company announced it had acquired an 8.2% stake in Scripps in November, to which Scripps responded by adopting a “poison pill” shareholder rights plan (see 2512160079). “Scripps has refused the invitations to speak with its single largest shareholder and instead has stated its preference to execute its standalone plan,” Sinclair said Friday. “Our last proposal to Scripps represents a premium of more than 240% over Scripps’ unadjusted share price, while the cash portion alone represents a 32.7% premium over the unadjusted share price. We believe this proposal is attractive to Scripps’ shareholders and, at a minimum, is worthy of engagement.”
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In a recent SEC filing, Sinclair included communications that it has had with Scripps about the deal proposal, including a Dec. 22 letter to the Scripps board from Sinclair CEO Chris Ripley. “We believe the best next step is for the principal decision-makers at Sinclair to have an in-person meeting with you next month,” the letter said. Scripps CEO Adam Symson responded on Jan. 9, reiterating the Scripps board’s decision that “Sinclair’s offer is not in the best interests of Scripps and its shareholders.” He said the company remains open to “evaluating all opportunities.”