Gannett raises all-cash offer for Tribune Publishing to $15 a share from $12.25
Gannett Co. Inc. on Monday raised its bid for Tribune Publishing Co. to $15 a share from $12.25, or a 99% premium over Tribune's closing price on April 22, the last trading day before Gannett made its original offer. The total value of the new offer is about $864 million, including the assumption of about $385 million of debt, as well as other liabilities, Gannett said in a statement. The news sent shares of Tribune, which rebuffed the original offer, up 27% in premarket trade. "Our increased offer demonstrates our commitment to engaging in serious and meaningful negotiations with the Tribune Board to reach a mutually agreeable transaction where Gannett acquires all of Tribune," Gannett Chairman John Jeffry Louis said in a statement. Gannett shares were unchanged in premarket trade.
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