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NY Post

Gannett May Sweeten Its Offer for Tribune, er, tronc

Jun 8, 2016  •  Post A Comment

Gannett is said to be pondering upping its price as it seeks to acquire Tribune Publishing, which is in the process of changing its name to tronc, lower case.

The New York Post cites a source close to Gannett saying the company could sweeten the $15-per-share offer that is currently on the table if it would help close the deal.

The Post adds: “The Gannett board as recently as last week was mulling the possibility of walking away but was heartened by the volume of withheld votes in the just-concluded voting for the Tribune board of directors, the source said.”

The number of withheld votes, close to 49%, indicates “there are a lot of rebellious shareholders who are angry Tribune Chairman Michael Ferro’s is fighting Gannett’s hostile takeover bid,” the story reports.

Gannett’s board will reportedly wait for quarterly results, keeping the present offer on the table for the time being.

Click here for additional details on the Tribune name change, including what “tronc” stands for.

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