Deals
Gannett Boosts All-Cash Offer for Tribune Publishing by 22 Percent
- Offer of $15 a share is 22 percent more than previous $12 bid
- Tribune adopted poison pill May 9 to thwart ‘low-ball’ price
Tribune Chairman Explains Rejection of Gannett Offer
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Gannett Co., escalating its hostile takeover for Tribune Publishing Co., raised its all-cash offer for the owner of the Chicago Tribune and Los Angeles Times to about $864 million.
The new $15-a-share bid is 22 percent more than the $12.25 Gannett offered publicly on April 25, two weeks after unsuccessfully making a private bid. The total value of the deal includes about $385 million of debt outstanding as of March 27, McLean, Virginia-based Gannett, publisher of USA Today, said in a statement Monday. Tribune shares jumped.