Tribune Publishing Co (TPUB) stock soared on Monday following an increased bid from Gannett Co Inc (GCI).
Gannett is now offering to purchase Tribune Publishing for $15 a share. This brings the total value of the deal to $864 million when including TPUB’s debt. It’s also a 99% premium over the company’s stock price at the close of April 22, 2016, which is when the first offer was made.
Tribune Publishing was originally offered $12.25 per share by Gannett. It said it increased its offer for the company after it gained more financial information that TPUB revealed on May 5, 2016.
“Gannett, with the assistance of its outside advisors, is ready to immediately engage with Tribune on an expedited basis,”Robert J. Dickey, President and CEO of GCI, said in a statement.
TPUB shares were up 22% as of Monday morning.
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