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Robert Dickey

Gannett raises bid for Tribune Publishing

Gannett raises bid for Tribune Publishing

Gannett boosted its all-cash offer to acquire Tribune Publishing to $15 per share, raising the stakes after the Chicago-based owner of the Chicago Tribune, Los Angeles Times and other major newspapers earlier this month rejected an unsolicited $12.25-a-share bid.

The revised offer, disclosed in a Securities and Exchange Commission filing Monday, values Tribune Publishing at $864 million, rather than $815 million, including the assumption of debt.

The sweetened bid is nearly double the price that Tribune Publishing's stock was trading at before Gannett made its initial offer public on April 25. It increases pressure on Tribune Publishing's board to open the door to...