Gannett Urgers Tribune Publishing Shareholders To Withhold Votes On Directors At June 2 AGM

By Ciara LinnaneMarketsMarketWatch Pulse

Gannett Co. Inc. on Thursday urged shareholders of Tribune Publishing Co. to withhold their votes on the election of directors at the Tribune annual meeting to be held on June 2. "Gannett encourages Tribune stockholders to deliver a mandate to the Tribune Board that it should engage constructively with Gannett regarding its $15.00 per share all-cash premium offer to acquire Tribune," the company said in a statement. Tribune has rebuffed Gannett's advances and argued that its own transformation plan would be better for shareholders. Earlier this week, the company said it would receive a $70.5 million growth-capital investment from Nant Capital LLC, which was founded by billionaire Patrick Soon-Shiong, in exchange for Tribune common stock. Tribune has agreed to issue 4.7 million shares of its common stock to Nant Capital at $15 a share. Gannett said it will review whether to proceed with its offer after the results of the withhold vote are in. Shares of both companies were not yet active in premarket trade.

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