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Tribune shareholders sent clear 'no' message to Gannett

Staff writer ▼ | June 2, 2016
A majority of participating shareholders at Tribune Publishing voted for the company's directors.
Acquisition   The vote is a bad news for Gannett
This is a major blow to Gannett's $864 million hostile acquisition effort to buy Tribune Publishing.

Tribune Publishing said that based on preliminary voting data, all of Tribune Publishing's directors were re-elected to the board noting that "the majority of our voting shareholders agree."

The vote is a bad news for Gannett, which last month had launched a "just vote no" campaign against Tribune Publishing's board, urging shareholders to oppose the company's directors at an annual meeting that took place Thursday.

The vote had no binding impact on the company's management or board. However, a large negative vote against Tribune Publishing's directors would have sent a strong message that shareholders wanted the two sides to engage in discussions about a combination.