Tribune Publishing's Board Rejects Proposal By Gannett - Quick Facts

(RTTNews) - Tribune Publishing Co. (TPUB) sent a letter to Gannett Co., Inc. (GCI) in response to its April 12, unsolicited proposal to acquire all outstanding shares of Tribune Publishing common stock for $12.25 per share in cash. The company said, after thorough consideration, its Board has unanimously determined that Gannett's opportunistic proposal understates the company's true value and is not in the best interests of its shareholders.

"Tribune Publishing is in the early stages of a compelling transformation, with a well-defined strategic plan to drive increasing monetization of our important brands, capitalize on the global potential of the LA Times and significantly accelerate our conversion of content to revenue through an enhanced digital strategy," said CEO, Justin Dearborn.