The Ademi Firm is investigating TEGNA (NYSE: TEGNA) for possible breaches of fiduciary duty and other violations of law in its going-private transaction.
Shareholders of TEGNA will receive $22.00 per share in an all-cash transaction valued at $6.2 billion, including TEGNA’s net debt and estimated transaction fees.
TEGNA insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for TEGNA by imposing a significant penalty if TEGNA accepts a competing bid. We are investigating the conduct of the TEGNA board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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