Gannett won’t take no for an answer in its quest to takeover Tribune Publishing, and is “determined to keep its offer in place” as it “evaluates various near-term developments.”
Gannett’s latest press release looks ahead to Tribune’s second-quarter financials.
“Gannett values the 11 iconic newspapers of Tribune and has determined to keep its offer in place as it evaluates various near-term developments, including the Tribune second quarter 2016 financial results, which are expected in August,” the media company said in the statement.
Gannett’s $15.00 per share, all-cash offer was rejected by Tribune.
Tribune chairman Michael Ferro hasn’t been acting like someone selling his company anytime soon, changing the name to “Tronc,” announcing plans for potential growth, and moving it to the Nasdaq exchange.
Gannett has been attempting a hostile takeover of the L.A. Times owner, but Tribune shareholders recently elected all eight of the company’s nominees — including Ferro and CEO Justin Dearborn — to serve one-year terms on the board of directors.
“We thank Tribune Publishing shareholders for their support as we continue to execute our strategic transformation and reposition the Company for long-term growth,” Ferro said in a statement last week.