Deals
Tribune Directors Fail to Gain Majority Vote, Gannett Says
- Most shares not held by insiders reject nominees, suitor says
- Newspaper publisher changes name to Tronc in rebranding effort
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Tribune Publishing Co., the newspaper company fighting an $864 million hostile takeover bid, got a strong message Thursday as a large number of shareholders refused to back management’s board nominees.
The vote could give new momentum to Gannett’s $15-a-share cash buyout offer. Leading up to the annual shareholder meeting Thursday, the publisher of USA Today was leaning toward withdrawing its bid to acquire Chicago-based Tribune, Bloomberg News reported earlier Thursday, citing a person familiar with the matter.