, Columnist
Even Bankers Are Balking, Gannett
Maybe it's time for the newspaper publisher to walk away from Tronc.
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Finally someone is showing some financial sense in the takeover saga between Gannett Co. and Tronc Inc.
After two rejected bids and months of back and forth, the two companies have reportedly agreed on a deal whereby Gannett would pay about $18.75 a share for Tronc. But now that the newspaper publishers have finally sorted out the price, people familiar with the matter tell Bloomberg News that lenders are withdrawing because they're concerned about the health of the businesses at the proposed valuation.