Shares of Tegna Inc.

surged 5.7% toward a five-month high in midday trading Tuesday, after the TV station operator confirmed that it has recently received buyout bids. The company didn’t provide details on the bid. “Consistent with its fiduciary duty to Tegna shareholders, the board will carefully review and evaluate these proposals,” the company said in a statement. Tegna shares soared 17.9% last week amid speculation over merger proposals. On Monday, the New York Post reported, citing sources close to the matter, that Apollo Global Management Inc.

has teamed with Standard General to make a bid of more than $8 billion for Tegna. Apollo’s stock rose 1.5% in midday trading Tuesday. Tegna’s stock has soared 47.9% year to date, while the S&P 500

has advanced 16.5%.

Read More