The publisher of the Chicago Tribune rejected Gannett's latest takeover offer but left the door open, saying it would share confidential information. Fred Katayama reports.
Gannett gets the thumbs down again. Tribune Publishing - the publisher of the Chicago Tribune and Los Angeles Times - rejected its latest takeover offer. Tribune said the $15 per share offer valuing the company at $864 million was, in its words, "not in the best interests" of its shareholders. That offer is 22 percent higher than Gannett's initial bid and twice the price of Tribune's shares just before Gannett publicly disclosed its interest in April. But Tribune left the door open to a possible deal, saying it's ready to work with Gannett to see if there's a way to create more value for shareholders. Tribune said it will share confidential information with the publisher of USAToday. Tribune says it's confident about its turnaround plans. It said it received a $70.5 million investment from Nant Capital. Nant's founder, billionaire entrepreneur and Los Angeles Lakers part-owner Patrick Soon-Shiong will become Tribune's vice chairman Gannett said it will review whether to proceed with its offer.