Tribune Publishing says it will ‘thoroughly review’ Gannett’s revised offer

You might have heard: Gannett increased its offer to buy Tribune Publishing to $15/share, putting the total value of Tribune at $864 million (USA Today)

But did you know: After Gannett upped its acquisition offer, Tribune Publishing say it will “thoroughly review” the revised offer. Gannett’s new offer of $15/share is a 99 percent premium over Tribune’s share price of $7.52 on April 22. Tribune rejected Gannett’s previous offer of $12.25/share, saying that it undervalued the company despite the fact it was 60 percent higher than Tribune’s current stock price. Gannett board chairman John Jeffry Louis says: “By increasing our offer at this time, we are reaffirming Gannett’s belief that this transaction would deliver significant value to both companies’ stakeholders and that the time to act is now.”