- Gannett's (NYSE:GCI -0.5%) offer for Tribune Publishing (TPUB +0.4%) gets more contentious as Gannett urges Tribune shareholders to withhold votes for board nominees -- in what would be a "clear message" that Tribune's board should engage "substantively" on Gannett's bid.
- “We intend to give Tribune stockholders the opportunity to send a clear message to the Tribune board that its lack of engagement with our board and management team" is "unacceptable,” says Gannett CEO Robert Dickey.
- The USA Today publisher has offered $12.25/share in cash in a deal that comes to $815M including Tribune debt. That deal was announced at a 63% premium, spurring shares to jump; the stock is now at $11.37, up 51.2% from the point of offer.
- That price is also at a premium to the $8.50 price Tribune used recently to issue shares to its chairman, Michael Ferro, Gannett notes.
- Now read Tribune Publishing's Alternative Plan To Gannett's Bid »