Tribune Publishing has rejected Gannett’s revised takeover bid of $864 million, saying it’s “not in the best interests of Tribune shareholders.”
Tribune did invite Gannett to agree to a mutual Non-Disclosure Agreement under which both parties could engage in due diligence and discussions to assess whether a transaction in the best interests of Tribune and Gannett shareholders can be negotiated.
“The Gannett $15.00 per share proposal for all of Tribune is clearly inadequate as a control investment in Tribune and, as ISS has pointed out, our Board ‘has grounds to decline to engage’ on Gannett’s proposal,” Tribune CEO Justin Dearborn Said.