Tribune Publishing has thrown out Gannett's offer to buy it
Fred Prouser/Reuters
In a statement Wednesday, Tribune, which owns titles including the LA Times, said its board unanimously rejected Gannett's "opportunistic" offer.
"The Board believes that the price reflected in the Proposal understates the Company's true value and is not in the best interests of our shareholders," Tribune CEO Justin Dearborn wrote in a letter to Gannett.
Gannett publisized its proposal to buy Tribune for $12.25 a share in cash on April 25.
Tribune shares jumped 4% in after-hours trading. The company also reported first-quarter results that showed it swung to a loss totaling $6.5 million.
And that's probably why Gannett, the publisher of USA Today, wants to buy Tribune. Gannett chairman John Jeffry had said the combined firm would of course help his publications, but also help Tribune thrive in a "challenging environment" for the newspaper industry.
More to come ...
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh