Tag Archives: John Jeffry Louis

Gannett Pursuing Bid to Purchase Tribune in $815 Million Deal

According to a Securities and Exchange Commission filing, the leadership of Gannett met with executives of Tribune Publishing to discuss an unsolicited bid to buy the Chicago based Tribune. Apparently no deal was reached.

The meeting was arranged at the suggestion of Tribune Publishing Chairman Michael Ferro. Together with Tribune CEO Justin Dearborn, Ferro met with Gannett Chairman John Jeffry Louis and CEO Robert Dickey. It was the first meeting between the execs since the purchase offer of $815 million was made public in April.

Dickey and Louis re-stated Gannett’s offer, while Ferro said that the Tribune is still pursuing a new business strategy. The SEC filing stated that “no meaningful progress was made to discuss the terms of the Offer or a process for going forward.”

Gannett, which is headquartered in McLean, Virginia is the publisher of over 100 newspapers, including USA Today. The company offered to buy the Chicago-based Tribune Publishing for $12.25 per share in an all cash transaction that would include the purchase of $390 million worth of debt. The Tribune’s board voted down the proposal in a unanimous vote on May 4.

“Gannett is committed to engaging in substantive discussions with Tribune regarding its $12.25 all-cash, premium offer,” the company said on Friday. “We look forward to Tribune’s board acting as responsible financial stewards in the best interests of its shareholders.”