Tribune Publishing Unanimously Rejects Gannett Acquisition Offer

Tribune Publishing Co. shares were up 4.4% in Wednesday after-hours trading after it said it sent a letter to Gannett Co. Inc. rejecting its acquisition offer of $12.25 per share in cash. Gannett shares are unchanged in after-hours trading. Tribune says the company's board "unanimously determined that Gannett's opportunistic proposal understates the company's true value and is not in the best interests of its shareholders," the release said. In the letter, written by Chief Executive Justin Dearborn, he says the company stands behind its transformation strategy, which includes capitalizing on the "global potential of the L.A. Times." Tribune Publishing shares are up 19.5% for the year to date while the S&P 500 is up 0.4% for the same period.