The media company has put an $815 million offer on the table for Tribune Publishing as it looks to expand its portfolio of more than 100 media properties around the U.S.
Gannett CEO Robert Dickey wrote a letter on April 12 to Tribune CEO Justin Dearborn, informing him that the deal would amount to $12.25 per share. Additionally, the company would take over the media company’s $390 million debt.
TPUB stock is popping an incredible 53.6% Monday. Even with the early week boom experienced by the company, the stock is selling at $11.50, below Gannett’s offer.
GCI shares had a good day as well, surging 5.9%.