Tribune Publishing Board Rejects Revised Takeover Offer, Receives $70.5 Million From Nant Capital

By Caitlin HustonMarketsMarketWatch Pulse

The board of directors of the Tribune Publishing Co. said Monday that they have rejected a revised takeover proposal from Gannett Co., Inc. . Gannett was offering to buy Tribune Publishing for $15 per share. The Tribune also announced a $70.5 million growth capital investment from Nant Capital, which it said should boost the company's "transformation strategy." "Regardless of the outcome of the discussions with Gannett, we are confident that we have the right strategic plan in place to leverage technology and effectively monetize our world class content" said Justin Dearborn, chief executive of Tribune Publishing in the release. Tribune Publishing invited Gannett to agree to a mutual non-disclosure agreement in order to discuss a potential transaction.

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