Tribune Publishing Co.'s stock soared 59% in premarket trade Monday, after it confirmed that it received an unsolicited buyout bid from Gannett Co. Inc. Tribune said it has engaged Goldman Sachs & Co. and Lazard as financial advisors to evaluate Gannett's bid. Tribune, which brands include the Los Angeles Times and the Chicago Tribune, said that while it will review Gannett's proposal, it believes the transformation it has undertaken this year put its in position to create value for shareholders. Earlier, Gannett said it made a bid to buy Tribune for $12.25 a share in cash, which is 63% above Friday's closing price, and the highest price seen for Gannett's stock since Aug. 11. Tribune's stock has tumbled 18% year to date, while the S&P 500 has gained 2.3%.
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