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Tribune Publishing gets bids from Donerail, AIM, McClatchy

  • Tribune Publishing (NASDAQ:TPCO) has received formal takeover bids from Donerail Group, AIM Media and McClatchy (NYSEMKT:MNI) and is expected to meet early next week to consider them, the Los Angeles Times reports.
  • The company -- the former Tronc, which was formerly also Tribune Publishing -- has been on the block for months, and sold the Times and San Diego Union-Tribune earlier this year. It still holds the Chicago Tribune, New York Daily News, Baltimore Sun and Hartfourd Courant.
  • McClatchy is reportedly offering some stock, which could ease a perceived gap with Donerail Group in delivering the $19-$20/share that Tribune's top shareholder, former Chairman Michael Ferro, wants in the deal. TPCO closed at $15.42 today.
  • McClatchy shares declined 7.1% today.
  • Previously: Report: Tronc inches toward McClatchy merger (Oct. 05 2018)
  • Previously: Report: Soon-Shiong switches to support McClatchy Tronc bid (Sep. 26 2018)
  • Previously: Tronc, McClatchy higher amid merger talk reports (Sep. 17 2018)

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TPCO--
Tribune Publishing Company