Tribune Says ISS Recommends Investors Support Its Director Slate
ISS views strategic plan as ‘well thought-out,’ company says
Would-be acquirer Gannett urging holders to reject board
Tribune Publishing Co. said leading shareholder advisory firm Institutional Shareholder Services recommends investors vote for its director slate, rejecting a campaign by potential acquirer Gannett Co. to oppose the nominees.
ISS considers the Tribune’s response to Gannett’s latest bid appropriate, and finds the Chicago-based publisher’s new strategic plan “well thought-out,” according to a statement from Tribune that includes portions of the ISS opinion.
Tribune is weighing Gannett’s latest bid of $15 a share, valued at $479 million, after rejecting earlier overtures. The publisher of USA Today recently increased the offer from the $12.25 it proposed publicly on April 25 after unsuccessfully making a private bid. Gannett also would have to assume about $385 million in Tribune debt.
Gannett, based in McLean, Virginia, is urging shareholders of Tribune, owner of the Chicago Tribune and Los Angeles Times, to withhold votes for the company’s slate of board candidates at Tribune’s annual meeting on June 2.