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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