Actionable news
All posts from Actionable news
Actionable news in GCI: GANNETT CO. Inc,

Gannett Raises Bid for Tribune Publishing

Gannett Co. and Tribune Publishing Co. have been going back and forth since Gannett went...

Gannett Co. said Monday that it raised its all-cash offer for Tribune Publishing Co. to about $475 million, just two weeks after Tribune’s board rejected a lower bid.

Gannett raised its offer to $15 a share, a proposal valued at about $475 million when excluding about $385 million of outstanding debt.

The revised offer represents a 22% increase over its prior bid and a nearly 100% premium over Tribune Publishing’s share price of $7.52 on April 22, the last trading day before Gannett made public its initial offer of $12.25 a share April 25. Gannett’s first proposal was valued at...