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Ademi LLP is investigating TEGNA (NYSE: TGNA) for possible breaches of fiduciary duty and other violations of law in its transaction with Standard General.

Ademi LLP alleges TEGNA’s financial outlook and prospects are excellent and yet TEGNA shareholders will receive only $24.00 per share in cash, implying an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt. The merger agreement unreasonably limits competing bids for TEGNA by prohibiting solicitation of further bids, and imposing a significant penalty if TEGNA accepts a superior bid. TEGNA insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of TEGNA’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for TEGNA.