Tribune says board has been elected
NEW YORK - Tribune Publishing (TPUB) says shareholders have elected the company's board, but hasn't released full results of the vote yet. Gannett (GCI), which has offered $864 million for the newspaper publisher, says the vote will help determine whether it continues its bid.
Tribune has been holding Gannett off, adopting a shareholder rights plan meant to make a takeover more difficult and bringing in a new big investor, Dr. Patrick Soon-Shiong, as an ally in its ambitious transformation project.
Gannett hopes a significant percentage of shareholders will vote their displeasure with the board. It's a symbolic gesture, as there are no other candidates. Still, Gannett hopes that many votes against the directors could pressure Tribune Chairman Michael Ferro into a deal.
A Gannett spokesman had no immediate comment.