Wall Street Journal Deals editor Dana Cimilluca, together with colleagues Liz Hoffman and Lukas I. Alpert, has the latest on the back-and-forth between Gannett and Tronc. According to the paper’s sources, a third sweetened bid has now been officially tendered by Gannett.
Previous bids, respectively valuing Tronc and Tribune Publishing at $15.00 and $12.25 a share, were rejected. From the Journal report:
Details of the new overture couldn’t be learned. Tronc is expected to respond by the end of the week, some of the people said, indicating that Gannett’s long pursuit of the storied newspaper chain may soon come to a head.
The latest bid comes on the heels of some layoffs at the beginning of the week on the digital side of the Tronc-owned San Diego Union-Tribune.