Tribune Publishing (TPUB) Stock Soars on Gannett (GCI) Buyout Offer

Company shares are up more than 50%

Tribune Publishing Co (NYSE:TPUB) shares started the week off with a bang as the company received a buyout offer from Gannett Co Inc (NYSE:GCI).

Tribune Publishing

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%.

More From InvestorPlace

Article printed from InvestorPlace Media,

©2020 InvestorPlace Media, LLC