E.W. Scripps board rejects Sinclair acquisition proposal

E.W. Scripps (SSP) board of directors has unanimously decided to reject the unsolicited acquisition proposal submitted by Sinclair (SBGI) on Nov. 24 to acquire all of the outstanding shares of Scripps that it does not already own for $7 per share in a mix of cash and stock. The Scripps board determined that Sinclair’s offer is not in the best interests of the company and its shareholders. Kim Williams, the chair of Scripps’ board, said, “The board is committed to acting in the best interests of all Scripps shareholders as well as the company’s employees and the many communities and audiences it serves across the United States. After careful consideration, Scripps’ board determined that Sinclair’s unsolicited acquisition proposal is not in the best interests of Scripps and its shareholders. The board nonetheless remains open to evaluating opportunities to enhance shareholder value and will continue to consider any course of action, including any acquisition proposal, that is in the best interest of all shareholders.”