Gannett Raises Tribune Offer To About $864 Million Including Debt

Gannett Co Inc (GCI.N), the publisher of USA Today, raised its unsolicited offer for Tribune Publishing Co (TPUB.N) to $15 per share from $12.25, valuing the publisher of the Chicago Tribune and the Los Angeles Times at about $475 million.

Including debt, the offer is worth about $864 million. Tribune's shares rose 22.1 percent to $14 shortly after midday, below the latest offer, which was set at a premium of 31 percent to Tribune's Friday close.

Tribune's board adopted a shareholder rights plan earlier this month to thwart Gannett.