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Brooke Sutherland

Tribune Risks Strikeout With Hardball Tactics

Its suitor has other options.
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It's going on a week since Gannett sweetened its takeover offer for rival Tribune Publishing, and the newspaper owner still hasn't given an official response. But reports of the companies' behind-the-scenes interactions paint a picture of ill-advised hardball.

Gannett says Tribune Chairman Michael Ferro told its executives he would only engage in a sale process if he personally gets ``a piece of the action," and wants both a large stake and a significant role (he's already Tribune's largest investor). Meanwhile, he's also reportedly talking about turning the tables and lobbing in an individual bid for Gannett, instead of agreeing to a deal that would give Tribune's holders a 99 percent premium.