Deals
Gannett Seeks Tribune's LA, Chicago Papers for $815 Million
- Tribune hires advisers to consider unsolicited takeover bid
- Offer is a 63% premium to Tribune's closing price April 22
USA Today Owner Gannett Makes Big Play for Tribune
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Gannett Co., publisher of USA Today, made an $815 million unsolicited bid for Tribune Publishing Co., setting up a potential takeover fight in a quest to gain bigger regional newspapers like the Los Angeles Times and the Chicago Tribune.
Gannett offered $12.25 in cash per Tribune share, a 63 percent premium to Tribune’s closing price on April 22, according to a statement Monday. The company publicly announced its proposal two weeks after unsuccessfully making a private offer, putting pressure on top Tribune shareholder Michael Ferro to make a deal just three months after he became chairman.