The Gannett Company decided to take its bid to buy Tribune Publishing Group public on Monday after the owner of The Chicago Tribune and The Los Angeles Times reportedly rebuffed its initial private offer. Gannett, which owns USA Today, is offering to buy Tribune Publishing for $815 million, including its debt. The deal, which is for $12.25 a share, would be a 63 percent premium on its closing stock price on Friday, which was $7.52.
While Gannett says that Tribune Publishing refused to "begin constructive discussions," Tribune Publishing said it had told Gannett it was working on getting financial and legal advisers in place to review the proposal. Tribune Publishing assured Gannett in a statement Monday morning that it would respond "as quickly as feasible."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Last hopes for justice for UK's nuclear test veteransUnder the Radar Thousands of ex-service personnel say their lives have been blighted by aggressive cancers and genetic mutations
-
'It may not be surprising that creative work is used without permission'Instant Opinion Opinion, comment and editorials of the day
-
5 simple items to help make your airplane seat more comfortableThe Week Recommends Gel cushions and inflatable travel pillows make a world of difference
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
