(CN) – The Tribune Publishing Co. said late Wednesday it has rejected Gannett’s more than $388 million bid to buy the business.
Last month, Gannett offered to buy Tribune Publishing, which owns The Los Angeles Times, Chicago Tribune and a number of other newspapers, for $12.25 per share.
Gannett has since said that Tribune Publishing refused to have meaningful discussions about a deal.
In a statement posted on the Tribune’s website late Wednesday, CEO Justice Dearborn said, “Tribune Publishing is in the early stages of a compelling transformation, with a well-defined strategic plan to drive increasing monetization of our important brands, capitalize on the global potential of the LA Times and significantly accelerate our conversion of content to revenue through an enhanced digital strategy.
He added, “While the Board is always open to evaluating any credible proposal that it believes to be in the best interests of the Company and its shareholders, Gannett’s opportunistic proposal understates the Company’s true value and is not a basis for further discussion. The Board is confident that the execution of our standalone strategic plan will generate shareholder value in excess of Gannett’s proposal.”
Dearborn said both Gannett Chairman John Jeffry Louis and President and CEO Robert Dickey were informed of the Tribune’s decision in writing earlier today.
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