Tribune Publishing Co. said Monday it is adopting a shareholder rights plan, also known as a poison pill, as it continues to fight to stave off an unsolicited bid from Gannett Co. . "Based on Gannett's approach and continued hostility, the board is taking prudent measures to protect our shareholders' best interests," Tribune said in a statement. The company continues to view the Gannett offer as opportunistic and one that undervalues it assets, and is determined to push ahead with its own transformation plan. "The entire publishing industry has been turned upside down over the last few years and we believe in giving the team a reasonable period to execute on the compelling vision they have articulated," Chairman Emeritus Eddy Hartenstein said in the statement. Goldman Sachs is acting as adviser to Tribune. Neither stock was active in premarket trade.
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