Tribune Publishing Co. TPUB confirmed it received an unsolicited offer from Gannett Co., Inc. GCI on April 12 to buy all the outstanding shares at $12.25 a share in cash.
The company revealed immediately on getting the proposal, it communicated to Gannett that its Board would hire financial, as well as, legal advisors to help in reviewing the proposal. On April 22, the company sent a letter indicating it was hiring the services of Goldman Sachs and Lazard as financial advisors while Kirkland & Ellis LLP would take care of the legal matters.
Tribune Publishing said that its board is engaged in a thorough review with the help of its advisors. The board was committed to acting in the best interests of the shareholders. The company indicated that it would respond to Gannett as soon as possible.
In the pre-market trading, the stock traded higher by 60 percent.
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