ReachLocal Shares Jump More Than 150% On Gannett Offer

Shares of ReachLocal Inc. jumped in the extended session Monday after Gannett Co. announced an agreement to buy the digital marketing company. ReachLocal shares, which had been briefly halted at $1.69, surged 169% to $4.55 after hours. Gannett said it is offering $4.60 a share, which works out to about $138 million based on shares outstanding. Gannett said the deal has a total enterprise value of $156 million. Gannett said it expects to close the deal in the third quarter.