The EW Scripps Company has confirmed that it has received “an unsolicited acquisition proposal” from Sinclair. The tabled bid reportedly valued Scripps at $538 million (€466.2m).

“Consistent with its fiduciary duties and in consultation with its legal and financial advisors, the company’s board of directors will carefully review and evaluate any proposals, including the unsolicited Sinclair proposal, to determine the course of action that it believes is in the best interests of the company and all of its shareholders as well as its employees and the many communities and audiences it serves across the United States,” said Scripps in a press statement.

The company added that it does not intend to comment further on Sinclair’s proposal until the board has completed its review.

Sinclair recently acquired a near 8 per cent stake in Scripps and, at the time, announced that the two companies were holding talks regarding a potential takeover deal.

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Categories: Articles, Business, M&A

Tags: Scripps, sinclair