Read all about it: More blows traded as USA Today publisher Gannett tries to take over its rival
Numerous blows have been traded between two US newspaper publishers as one seeks to take over the other.
USA Today publisher Gannett today reiterated its call for shareholders of Tribune to pressure its board into considering an $815m (£556m) offer.
Gannett, which also owns UK regional newspaper publisher Newsquest, made the takeover bid for Tribune, publisher of the Los Angeles Times and Baltimore Sun, last week.
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On Monday this week, Gannett accused Tribune of showing a “lack of engagement” and asked its shareholders to “withhold” votes in connection with the election of eight nominees to the company's board, to show a desire for the bid to be considered.
On Wednesday, Tribune rejected the $12.25-per-share “unsolicited proposal”, saying its board had unanimously agreed Gannett had undervalued the company.
And Gannett hit back again, repeating calls for shareholders to show their desire for the bid to be considered.
John Jeffry Louis, chairman of the Gannett board of directors, said the rejection from Tribune “reaffirms our concern from the outset that Tribune’s board never intended to engage with us, necessitating that we make our proposal public”.
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He added: “It is unfortunate that Tribune’s board would deny their shareholders this compelling, immediate and certain cash value by rejecting our offer without making a counterproposal or otherwise negotiating or providing any constructive feedback.”
He said withholding from the vote would give “stockholders the opportunity to send a clear message to Tribune’s board that it should substantively engage with Gannett regarding its proposal”.