Gannett Raises Offer For Tribune Publishing To $15.00/shr - Quick Facts

(RTTNews) - Gannett Co., Inc. (GCI) announced that it has increased its all-cash, premium offer to acquire Tribune Publishing Company (TPUB) to $15.00 per share from $12.25 per share, subject to due diligence. The total value of the revised offer is approximately $864 million, including the assumption of certain Tribune liabilities, which include approximately $385 million of debt outstanding as of March 27, 2016.

Gannett noted that the revised offer represents a premium of 99% to Tribune's closing price of $7.52 per share on April 22, 2016, the last trading day before Gannett publicly announced its initial offer for Tribune.

Gannett noted that the decision by it to submit a revised offer to acquire Tribune for $15.00 per share reflects additional analysis of certain information revealed in Tribune's financial statements filed on May 5, 2016, including debt, cash balance and pension liabilities. In addition, after further review, Gannett has greater confidence in its ability to yield additional operational improvements in this transaction.

The Gannett Board and management team are committed to completing a transaction as soon as possible.

Gannett said it is also soliciting "WITHHOLD" votes in connection with the election of all eight nominees to the Tribune Board. Gannett encourages Tribune shareholders to send a clear and coordinated message to their Board that they expect superior, certain and immediate value for their shares.