USA Today owner Gannett is boosting its buyout offer for Tribune Publishing Co. by about 22 percent as it continues its pursuit of the owner of the Los Angeles Times, Chicago Tribune and other newspapers.
Gannett Co. announced Monday that it was raising its bid to $15 per Tribune share, up from the $12.25 per share it previously offered. Gannett said that the total value of the revised offer is approximately $864 million, which includes the assumption of certain Tribune liabilities, such as about $385 million in outstanding debt.
A week ago Tribune adopted a shareholder rights plan, or "poison pill," looking to fend off the unsolicited takeover attempt. The Chicago company had rejected Gannett's prior bid, saying the price was too low.