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 ...
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit