In early May, Tribune Publishing rejected an $815 million unsolicited takeover bid from Gannett. Tribune Publishing said in a letter sent to Gannet that the offer was too low and not in the best interest of shareholders. A couple weeks later, Gannett upped its bid to $864 million.
Tribune Publishing has rejected the latest Gannett offer and instead will receive a growth-capital investment from Nant Capital in exchange for 4.7 million shares of Tribune stock. According to the WSJ report, the stock is valued at $15 a share, which is the same price Gannet proposed in its revised bid.
Dr. Soon-Shiong told WSJ members of the Tribune board had approached him in the past month. In addition to holding the second highest number of shares, Dr. Soon-Shiong will become the company board’s vice chairman.
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