Tuesday, September 24, 2013

Belo said to have 70% shareholder support for deal

Belo stockholders vote tomorrow on whether to accept Gannett's $1.5 billion takeover deal, and Bloomberg News says the TV company now has 70% support -- enough to ensure it will pass. Bloomberg cites a person with knowledge of the matter it didn't identify.

Belo hasn’t received any superior offers and can’t accept a new bid once the Gannett deal is approved, Bloomberg's source said. the person, who asked not to be named because the process is private. The deal requires approval from at least two-thirds of shareholders.

Gannett and Belo announced the surprise deal June 13. They expect it will be completed by the end of the year.

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