_____________________
_____________________
_____________________
_____________________
Gannett today announced that it has increased its offer to acquire Tribune Publishing Company to $15.00 per share from $12.25 per share – a 22.5% increase.
The move comes after its initial bid was rejected and Tribune adopted a “poison pill” plan to block the offer.
Revised after Gannett met with Tribune shareholders last week, the new offer represents a premium of 99% to Tribune’s closing price of $7.52 per share on April 22, the last trading day before Gannett publicly announced its initial offer for Tribune.
The total value of the revised offer is about $864 million, including the assumption of Tribune’s $385 million of debt, according to Gannett.
Gannett’s new offer is a result of additional review of Tribune’s most recent 10-Q filing on May 5, including debt, cash balance and pension liabilities, the company said Monday.
Subscribe to get the latest posts sent to your email.
You must be logged in to post a comment Login