Gannett will shell out about $4.60 a share for the company, or about $156 million. The deal marks a 188% premium over ReachLocal’s Monday closing price.
Both board of directors approved the deal unanimously, which is slated to close in the third quarter of Gannett’s current fiscal year.
GCI shares fell 1.8% on the move. RLOC stock skyrocketed 173.5% Tuesday.
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