Tribune rejects second bid of USA Today

9 years ago - Published in Finance, Fundamental Analysis

Tribune is still responding negatively to Gannett, which in late April had launched a bid on the company that publishes the newspapers "Los Angeles Times" and "Chicago Tribune". Tribune Publishing has indeed returned to the second improved offer, which provided for a price per share of $ 15 compared to 12.25 initially proposed.

According to Justin Dearborn, CEO of Tribune, the offer "is clearly inadequate" and not competitive with its recovery plan, which is now supported by a new investor: Always Tribune today said that the Nant Capital of billionaire Patrick Soon -Shiong has invested over 70 million dollars in the publishing group, the issuance of 4.7 million new shares at a price of $ 15 (the same supply of Gannett).

Dearborn, however, though not close the door completely to Gannet, claiming to be "ready to work with Gannett to see if there is a way forward to create more value for shareholders."