Tribune Publishing Confirms Receipt Of Unsolicited Offer From Gannett

(RTTNews) - Tribune Publishing Co. (TPUB) confirmed that it has received an unsolicited proposal, with numerous contingencies, from publishing company Gannett Co., Inc. (GCI) on April 12, 2016 to acquire all outstanding shares of Tribune Publishing common stock for $12.25 per share in cash. Shares of Tribune are gaining almost 60 percent in pre-market activity.

Tribune said that on receiving the April 12 proposal, it communicated by telephone to Gannett that the board of directors would engage financial and legal advisors to assist it in reviewing the proposal.

On April 22, Tribune Publishing's board sent a letter to Gannett, indicating it was finalizing engagements with Goldman, Sachs & Co. and Lazard as financial advisors and Kirkland & Ellis LLP as legal advisor.

Tribune said its board is now engaged, with the assistance of its advisors, in a thorough review. The board is committed to acting in the best interests of shareholders and will respond to Gannett as quickly as feasible, the company added.