Starboard Value, a hedge fund that has a 4.5% stake in Media General, also urged the regional TV broadcaster to scrap its plan to buy magazine publisher Meredith Corp. (MDP - Get Report), Reuters reported Tuesday.
Starboard Value said a tie-up between Media General and Meredith would be "value destructive," whereas one with Nexstar would be "highly strategic," and said it was prepared to nominate an alternative slate of directors to Media General's board, according to Reuters.
Nexstar made an unsolicited bid Monday for Media General, offering $14.50 a share for the company in a deal valued at about $4.1 billion, the Wall Street Journal reported. Media General shareholders hadn't reacted well to the company's $2.4 billion bid for Meredith earlier this month, the newspaper said. Meredith publishes magazines including Better Homes and Gardens.
Nexstar closed at $46.99, while Media General rose 1.2% to $13.80 and Meredith fell less than a percent to $43.41.
Comtech Telecom (CMTL - Get Report) tumbled 19% after reporting quarterly earnings after the close on Monday that missed analysts' expectations. The company blamed the strong U.S. dollar and lower oil prices for the earnings miss, Newsday reported.
CEO Stanton Sloane said on Tuesday's earnings call that the communications equipment maker would seek acquisitions in the electronics and communications industries to complement its current business model, according to Newsday.
Comtech closed at $21.30 Tuesday.
Telecom Argentina (TEO - Get Report) rose 4.8% to $14.52, reversing Monday's losses after a Goldman Sachs downgrade that had cited the impact of high and rising inflation, Barron's reported. Eurasia Group raised its six-month outlook for Argentina, the news site said in a separate report, saying the country's presidential election in October promises changes that should bolster the economy.