Tribune Publishing shares surge after Gannett launches takeover bid

Screen Shot 2016-04-25 at 10.59.01 AMLos Angles Times

USA Today parent Gannett Co. on Monday announced an offer to buy Tribune Publishing, publisher of the Los Angeles Times, the Chicago Tribune and other newspapers, for $425 million, plus the assumption of $390 million in debt.

The all-cash offer translates to $12.25 a share and represents a 63% premium over Friday’s $7.52-a-share closing price. The total value of the deal including the debt is $815 million.

Shares of Tribune Publishing jumped in early trading to $11.97, nearly 60%, on news of the offer. Gannett shares were holding fairly steady Monday morning, up 19 cents to $15.96.

Continued:

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories