- Tribune Publishing (TPUB) says its board has unanimously rejected an $815M unsolicited acquisition offer from Gannett (GCI +0.6%).
- The deal comes to $12.25/share in cash; Tribune closed today down 1.4% to $11.02.
- The offer "understates the company's true value," Tribune says in a letter to Gannett, "and is not in the best interests of its shareholders."
- The offer isn't a basis for further discussion, said Tribune CEO Justin Dearborn. “Tribune Publishing is in the early stages of a compelling transformation, with a well-defined strategic plan to drive increasing monetization of our important brands, capitalize on the global potential of the LA Times and significantly accelerate our conversion of content to revenue through an enhanced digital strategy."
- Previously: Reuters: Tribune Publishing's No. 2 shareholder favors sale (May. 02 2016)
- Previously: Gannett pushing Tribune shareholders to withhold board votes (May. 02 2016)
- Now read Tribune Publishing's Alternative Plan To Gannett's Bid »