Illustration: Aïda Amer/Axios

Gray Television pulled its takeover offer for local broadcaster Tegna due to market volatility, per Reuters. Rival bids from Apollo Global Management and Byron Allen appear to still be on the table, as is a new joint approach from private equity firm Najafi Cos. and privately held religious broadcaster Trinity Broadcasting Network.

Why it matters: It reflects how the M&A hierarchy has momentarily flipped, with listed strategics no longer having the built-in advantage of cheaper currency (i.e., their own stock).

Caveat: Private equity remains reliant on the leveraged financing market, which appears to be tightening.

Pricing: Offers from Gray, Apollo, and Byron Allen each reportedly are for $20 per share, which would value Tegna at around $8.5 billion (including assumed debt). Tegna shares closed yesterday at $15.08.

The bottom line: "Tegna, the former TV-station arm of Gannett Co., was spun off in 2015 and retained the old Gannett’s trading history. It has about 60 TV stations in 51 U.S. markets, reaching about 38% of U.S. households." — Bloomberg

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Supreme Court Justice Ruth Bader Ginsburg dies at 87

Ruth Bader Ginsburg. Photo: Tom Brenner/Getty Images

Justice Ruth Bader Ginsburg has died of metastatic pancreatic cancer at age 87, the Supreme Court announced Friday evening.

Why it matters: Ginsburg had suffered from serious health issues over the past few years. Her death sets up a fight over filling a Supreme Court seat with less than 50 days until the election.

NYT: White House drug price negotiations broke down over $100 "Trump Cards"

President Trump with Mark Meadows, his chief of staff, on Sept. 3 at Andrews Air Force Base in Maryland. Photo: Mandel Ngan/AFP via Getty Images

Negotiations on a deal between the White House and pharmaceutical industry to lower drug prices broke down last month after Mark Meadows, the president's chief of staff, insisted that drugmakers pay for $100 cash cards to be mailed to seniors before the election, according to the New York Times.

Why it matters: Some of the drug companies feared that in agreeing to the prescription cards — reportedly dubbed "Trump Cards" by some in the pharmaceutical industry — they would boost Trump's political standing weeks ahead of Election Day with voters over 65, a group that is crucial to the president's reelection bid, per the Times.

In photos: Virginians line up for hours on first day of early voting

Photo: Andrew Caballero-Reynolds/AFP via Getty Images

In some parts of Virginia, people waited in line up to four hours to cast their ballots on the first day of early voting, according to the Washington Post.

The big picture: The COVID-19 pandemic seems to already have an impact on how people cast their votes this election season. As many as 80 million Americans are expected to vote early, by mail or in person, Tom Bonier, CEO of TargetSmart, a Democratic political data firm, told Axios in August.