Gannett’s pursuit of Tronc is almost comical at this point, but at least Gannett is finally making some headway. According to Politico, Gannett’s third offer for Tronc—issued last week—finally has Tronc execs considering a sale.
Gannett’s latest offer is rumored to be in the $18-a-share range, which would be a 20 percent jump from its initial offer. However, Tronc execs—perhaps finally sensing Gannett’s desperation—are considering a counteroffer of $20 a share.
If Tronc ends up selling, Michael Ferro—the largest Tronc shareholder—would stand to make a pretty penny or two.
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