BUZZ-E.W. Scripps up; adopts 'poison pill' after unsolicited offer from Sinclair
E.W. Scripps shares rose 0.5% after adopting a 'poison pill' strategy following an unsolicited acquisition offer from Sinclair. The plan allows shareholders to buy SSP shares at a 50% discount if an entity acquires 10% or more of SSP stock. It expires on November 26, 2026. SSP shares have nearly doubled YTD.
Shares of broadcaster E.W. Scripps (SSP.O) edge up 0.5% at $4.40 in volatile morning trading
SSP adopts a limited-duration shareholder rights plan, commonly known as a “poison pill”, after receiving an unsolicited, non-binding acquisition offer Sinclair (SBGI.O) has recently offered to acquire SSP in a cash-and-stock deal
SSP says the rights plan, effective immediately, will expire on November 26, 2026
Under the rights plan, if an entity acquires beneficial ownership of 10% or more of SSP stock, other stockholders would be entitled to buy SSP shares at a 50% discount
Additionally, if an unapproved party acquires over 10% of SSP shares and then still acquires the company, existing SSP shareholders can buy the buyer’s stock at half price
As of last close, SSP shares have nearly doubled YTD
