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Gannett Hikes Tribune Publishing Hostile Offer to $864M Ahead of June 2 Vote

USA Today publisher Gannett (GCI) on Monday hiked its hostile offer to buy Tribune Publishing (TPUB) to $864 million, up from $815 million in a move that could bolster its chances of getting the backing of shareholders at an informal vote on the deal June 2.

Specifically, Gannett hiked its offer to buy Tribune Publishing to $15 a share, up from $12.25 a share offer it had made on April 12. The new offer is subject to due diligence and represents a 99% premium to Tribune's closing price the day before it made its original offer. The revised offer includes the assumption of some Tribune liabilities, including $385 million in debt as of March 27.

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"Our increased offer demonstrates our commitment to engaging in serious and meaningful negotiations with the Tribune Board to reach a mutually agreeable transaction....," Gannett chairman John Jeffry Louis said in a statement.