media
tribune adopts' poison pill' to fend off gannett
new york: tribune publishing co, the owner of the los angeles times and chicago tribune facing a hostile takeover bid from gannett co,adopted a plan that will make it tougher for investors to acquire more than 20% of the company.
Tribune’s directors voted unanimously for the plan,which will last one year, according to a statement on Monday.
Under the plan, other stockholders will be awarded additional shares.
Tribune added the so-called “poison pill” after Gannett vowed to pressure shareholders to withhold their votes for all eight nominees to its board, escalating a takeover fight for the struggling newspaper publisher.
“ Our board is unanimous that Gannett will not succeed with its current tactics and low ball price,” chief executive officer Justin Dearborn said.
“Tribune stakeholders deserve better and we are confident that the steps we are taking will create better opportunities for future value than engaging with Gannett under the current circumstances,” Dearborn added.
Tribune’s board on May 4 unani-mously rejected Gannett’s $12.25-a-share takeover offer, saying the bid เท่าไหร่ the company.
The rights plan comes just days afterต้นโอ๊ค Capital Group LLC, Tribune’s second-largest shareholder, said the publisher should negotiate with Gannett to see if an “acceptable agreement can be reached,” threatening a fight for board control if it doesn’t go along.
Gannett, in a statement on Monday, described the move as “another road-block” preventing Tridune share-holders from seeing a return on their investment.BLOOMBERG