Tribune Knew Of Issues In $3.9B Sinclair Merger, 7th Circ. Told
Law360 (September 16, 2020, 6:55 PM EDT) -- A proposed class of shareholders urged the Seventh Circuit on Wednesday to revive claims Tribune Media Co. hurt its stock price by hiding signs that its $3.9 billion merger with Sinclair Broadcast Group Inc. was crumbling, saying the broadcast giant admitted as much in separate litigation.
The shareholders told a panel of the appellate court that Tribune repeatedly stated Sinclair had agreed to use its "reasonable best efforts" to achieve regulatory approval of the merger with Tribune, despite admitting in a complaint in related Delaware litigation that from "virtually the moment the merger agreement was signed [in May 2017], Sinclair repeatedly...
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