After more than a year of trying to get the deal done, TEGNA said that as of May 22, its merger agreement with Standard General has been terminated and it can collect a $136-million breakup fee. May 22 was the deadline for Standard General’s financing of the deal.
That’s according to TEGNA’s announcement that it has launched an accelerated $300-million stock-repurchase program and a 20% bump in its quarterly dividend – from 9.5 cents to 11.375 cents per share – as a way to return some of that new cash to shareholders.
TEGNA said it may be looking at returning added excess capital that accumulated while the deal was pending. » Read More