Gannett says won't buy Tronc

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[November 01, 2016]  (Reuters) - Gannett Co Inc, publisher of USA Today, said on Tuesday it would not pursue an acquisition of Tronc Inc, the publisher of the Chicago Tribune and Los Angeles Times.

The Chicago Tribune building is seen in Chicago, Illinois, United States, May 16, 2016. REUTERS/Jim Young

Gannett made an unsolicited $12.25 per share takeover offer for Tronc, formerly Tribune Publishing Co, in April, valuing Tronc at about $815 million. It raised the offer a month later to $15 per share.

(Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)

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