Brief: Saga Communications Says Warren S. Lada Has Been Elected As Chairman Of Company's Board Of Directors

Saga Communications

07/12/2022 21:25

Dec 7 (Reuters) - Saga Communications Inc  SGA.O :
    * SAGA COMMUNICATIONS INC - WARREN S. LADA HAS BEEN ELECTED
AS
CHAIRMAN OF COMPANY'S BOARD OF DIRECTORS
    * SAGA COMMUNICATIONS INC - DECLARED QUARTERLY CASH DIVIDEND
OF
$0.25 PER SHARE AND SPECIAL CASH DIVIDEND OF $2.00 PER SHARE ON
CLASS A COMMON STOCK
    * SAGA COMMUNICATIONS INC - LADA WILL REPLACE GARY G.
STEVENS, WHO
HAS BEEN SERVING AS INTERIM CHAIRMAN OF BOARD SINCE AUGUST 24,
2022
    * SAGA COMMUNICATIONS INC - STEVENS WILL CONTINUE TO SERVE
AS A
MEMBER OF BOARD OF DIRECTORS
    * SAGA COMMUNICATIONS INC - WILL CONTINUE TO FORMALLY REVIEW
AND
EVALUATE ALL OPPORTUNITIES TO ENHANCE SHAREHOLDER VALUE
    * SAGA COMMUNICATIONS INC - REMAINS COMMITTED TO ACQUIRING,
DEVELOPING, AND OPERATING ITS BROAD PORTFOLIO OF BROADCAST
PROPERTIES
    * SAGA COMMUNICATIONS - OVER PAST SEVERAL MONTHS BOARD AND
MANAGEMENT TEAM HAVE BEEN EXPLORING NEW INITIATIVES TO CREATE
AND ENHANCE SHAREHOLDER VALUE
    * SAGA COMMUNICATIONS- BOARD RECEIVED, ULTIMATELY REJECTED A
CONFIDENTIAL, UNSOLICITED, NON-BINDING CONDITIONAL INDICATION OF
INTEREST TO ACQUIRE CO
    * SAGA COMMUNICATIONS-FIRST STRUCTURE WAS CASH BUYOUT OFFER
IN
RANGE OF $30 TO $33 PER SHARE FOR ALL SHARES OF SAGA COMMON
STOCK ON FULLY DILUTED BASIS
    * SAGA COMMUNICATIONS - SECOND STRUCTURE WAS MERGER WITH
OFFEROR
PROVIDING INDICATION OF INTEREST IN WHICH CO'S SHAREHOLDERS
WOULD RECEIVE $12.47 PER SHARE IN CASH AT CLOSING

Source text for Eikon:  ID:nGNX9kk8ZC 
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