Tribune Adopts Poison-Pill Plan After Gannett’s Hostile Bid
- Publisher's board unanimously adopts one-year shareholder plan
- Board had previously rejected $815 million unsolicited offer
The Los Angeles Times newspaper is printed at the Olympic Press facility in Los Angeles, California, U.S, on Wednesday, Oct. 16, 2013. Congress ended the 16-day government shutdown, raising the U.S. debt limit after the leaders of the Senate reached a bipartisan agreement to end the nation's fiscal impasse.
Photographer: Patrick T. Fallon/BloombergTribune Publishing Co., the owner of the Los Angeles Times and Chicago Tribune facing a hostile takeover bid from Gannett Co., adopted a plan that will make it tougher for investors to acquire more than 20 percent of the company.
Tribune’s directors voted unanimously for the plan, which will last one year, according to a statement Monday. Under the plan, if an investor acquires 20 percent of the company, other stockholders will be awarded additional shares.