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Gannett goes hostile after Tribune, but stays at distance

Staff writer ▼ | May 2, 2016
Gannett is increasing its efforts to acquire Tribune Publishing by going directly to shareholders.
Acquisition   An all-cash offer for $12.25
But, Gannett is not going so far as to initiate a hostile takeover bid for the Chicago-based publisher of the Chicago Tribune and Los Angeles Times.

In a filing made with the Securities and Exchange Commission (SEC), Gannett asks shareholders of Tribune Publishing to withhold support for the slate of eight board nominees to be considered at Tribune Publishing's annual meeting June 2 in Chicago.

Withholding support for the slate would send a message to Tribune that shareholders want the company to engage in "good-faith negotiations" about its proposal made to acquire Tribune Publishing in an all-cash offer for $12.25, Gannett said.

Tribune Publishing responded by saying it was evaluating the purchase offer and said Gannett's suggestion otherwise was "misleading and disingenuous."