NEW YORK Tribune Publishing Co (TPUB.N) said on Wednesday its board unanimously rejects Gannett Co Inc’s (GCI.N) unsolicited takeover offer.
Last month, Gannett made a takeover bid for Tribune at $12.25 per share in cash. In a letter on Wednesday, Tribune told Gannett's management that its takeover bid was "opportunistic" and "the price reflected in the proposal understates the Company’s true value and is not in the best interests of our shareholders," the company said in a statement.
(Reporting by Malathi Nayak; Editing by Leslie Adler)
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Updated Date: May 05, 2016 04:00 AM