Tronc chairman agrees 'different' deal with Gannett possible
Reuters
Published Nov 04, 2016 08:28AM ET
Tronc chairman agrees 'different' deal with Gannett possible
(Reuters) - Tronc Inc (O:TRNC) Non-Executive Chairman Michael Ferro agreed on Friday there was a possibility of striking "a different type of deal" with fellow newspaper publisher Gannett Co (N:GCI), days after merger talks between the companies fell apart.
Ferro was asked on CNBC if Tronc, publisher of the Chicago Tribune and the Los Angeles Times, might agree to "a different type of deal" with USA Today publisher Gannett. He replied: "Absolutely, if it's in the best interests of our shareholders."
He did not provide details of what such a deal might entail.
Tronc said on Tuesday that Gannett had terminated merger talks after encountering "an unexpected delay" in financing.
A Gannett spokesman said several financing options were available, but the No. 1 U.S. newspaper publisher by circulation decided to terminate talks "after considering both accretion to shareholders and whether the terms make sense for the company."
The two parties had agreed to a purchase price of $18.75 per Tronc share, or about $683 million overall, according to sources familiar with the situation.
Tronc shares were untraded before the opening bell, after closing at $9.52 on Thursday. Gannett shares were also untraded, having closed at $7.47.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.