Shares of Tegna Inc. TGNA rose after hours on Monday after the TV-station operator announced a $300 million “accelerated” stock buyback and raised its quarterly dividend by 20% following the termination of a merger deal with the hedge fund Standard General struck last year. Tegna executives also said they were “actively reviewing the return of additional excess capital that accumulated during the pending merger,” which faced a Monday financing deadline and got hung up in the regulatory review process. Shares rose 2.4% after hours.
RenaissanceRe Holdings Ltd. RNR said late Monday it has agreed to buy American International Group Inc.’s AIG treaty reinsurance business, which includes Validus Reinsurance Ltd. and subsidiaries as well as managed funds, among other assets, for $2.985 billion. That includes $2.735 billion of cash and $250 million of RenaissanceRe shares. The deal is expected to close in the fourth quarter of 2023, subject to customary closing conditions, the reinsurer said. “This acquisition advances our strategy as a leading global property and casualty reinsurer, providing additional scale, and increasing our importance to customers,” Chief Executive Kevin O’Donnell said in a statement. Shares of RenaissanceRe were flat in the extended session Monday after ending the regular session down 4.9%. AIG shares edged 0.3% higher in aftermarket after a 0.2% gain in the regular session. Separately, RenaissanceRe said it will offer 6.3 million shares in connection with the deal.
Treasury Secretary Janet Yellen on Monday said the U.S. won’t be able to pay all its bills by early June, and as soon as June 1, if Congress doesn’t raise the debt ceiling. Yellen’s fresh warning came shortly before President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet to discuss the borrowing limit. McCarthy, a California Republican, told reporters on Capitol Hill that a deal needs to happen this week. He said it’s “still possible” to get an agreement through Congress by June 1.