​Tribune Publishing rejects Gannett's sweetened buyout bid

NEW YORK - Tribune Publishing (TPUB) is rejecting a second takeover bid from USA Today owner Gannett (GCI), saying it's not in the best interest of shareholders.

Gannett last week raised its per-share bid for the owner of the Los Angeles Times, Chicago Tribune and other newspapers to $15, from $12.25. Gannett, based in McLean, Virginia, put the total value of the revised offer at about $864 million.

Tribune's announcement comes three days after Gannett Co. urged Tribune shareholders to reject the company's slate of board nominees and criticized the publisher's decision to adopt a "poison pill" to avert a buyout.

Chicago's Tribune Publishing Co. said Monday, however, that it was inviting Gannet to agree to a mutual non-disclosure agreement so that the companies could talk about whether a deal could be reached.