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Tribune's shares were trading at $14.05 before the opening bell
on Monday, well below the offer price. The latest offer is a
premium of 31 percent to Tribune's Friday close.
Tribune's board adopted a shareholder rights plan - popularly
known as a "poison pill" - earlier this month in an attempt to
thwart Gannett's unsolicited takeover offer.
Gannett said the latest bid follows an analysis of Tribune's
debt and pension liabilities, which were reported earlier this
month.
"In addition, after further review, Gannett has greater
confidence in its ability to yield additional operational
improvements in this transaction," Gannett said in a statement.
The offer comes amid declining circulation, rising costs and
falling advertising sales in the newspaper industry that have
pushed publishers to consolidate and find new areas of growth.
Gannett shares were little changed in premarket trading.
(Reporting by Narottam Medhora in Bengaluru; Editing by Anil
D'Silva)
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