Tribune Publishing Co (TPUB.N), the owner of the Los Angeles Times and the Chicago Tribune, rejected Gannett Co Inc’s (GCI.N) latest takeover offer but said it would allow Gannett to access some confidential corporate information.
Tribune also said on Monday that Nant Capital LLC would invest $70.5 million in the company for a stake of about 12.9 percent, becoming its second largest shareholder.
Nant Capital founder Patrick Soon-Shiong will join Tribune’s board as vice chairman, effective June 2.
Reuters reported on Sunday that Tribune was planning to reject Gannett’s offer, valued at $864 million including debt.
Tribune said the $15 per share cash offer by the publisher of USA Today was not in the best interests of shareholders.
Oaktree Capital Management LP, a major shareholder of Tribune, urged the company to form an independent board to consider Gannett’s proposal, according to a filing. (bit.ly/22lAILv)
REUTERS
