TRIBUNE PUBLISHING COMMENTS ON GANNETT LETTER TO SHAREHOLDERS
CHICAGO--(BUSINESS WIRE)-- Tribune Publishing Co. (NYSE: TPUB) today issued the following statement in response to Gannett’s May 20 letter to Tribune Publishing shareholders:
“Once again, Jeff Louis and Robert Dickey are misleading investors with half-truths and conjecture designed to mask their desperate need to acquire Tribune Publishingto save their own business and their positions. This latest statement contradicts what Gannett has been stating to our shareholders, that we haven’t been engaged in discussions. To set the record straight, Mr. Ferro’s alleged comments in the May 12 meeting were grossly mischaracterized and taken out of context. As he has stated repeatedly in public, Mr. Ferro indicated that Gannett’s previous proposal, while certainly in the best interests of Gannett shareholders, was not in the best interest of Tribune shareholders.
“Our focus at Tribune Publishing is clear. We are prepared to engage regarding any reasonable proposal that delivers value for our shareholders, but we will not succumb to hostile tactics designed to steal the Company from our shareholders. Tribune Publishing has consistently engaged with Gannett, including a May 12 meeting between our Chairman and CEO and Messrs. Louis and Dickey, requested by Tribune, which was notably followed by Gannett’s revised proposal increasing their offer to acquire the Company. We are executing a plan to transform the Company in response to the massive changes which have overtaken the publishing industry. The sole focus of Tribune Publishing and our Board of Directors remains acting in the best interests of all shareholders.
“Notwithstanding the fact that Gannett continues to engage in the reckless use of false and misleading comments about the meeting between the companies on May 12and has resorted to ad hominem attacks on the Tribune Publishing Board, our Board is in the process of dispassionately, thoughtfully and thoroughly reviewing Gannett’s latest proposal and will respond to it in short order.”
As previously disclosed, the Tribune Publishing Board of Directors, in consultation with its independent financial and legal advisors, is reviewing Gannett’s revised proposal to acquire all outstanding shares of Tribune Publishing common stock for $15.00 per share in cash.
Goldman, Sachs & Co. and Lazard are acting as financial advisors and Kirkland & Ellis LLP is acting as legal advisor to Tribune Publishing.
About Tribune Publishing:
Tribune Publishing Company (NYSE:TPUB) is a diversified media and marketing-solutions company that delivers innovative experiences for audiences and advertisers across all platforms. The company’s diverse portfolio of iconic news and information brands includes 11 award-winning major daily titles, more than 60 digital properties and more than 180 verticals in markets, including Los Angeles; San Diego; Chicago; South Florida; Orlando; Baltimore; Carroll County and Annapolis, Md.;Hartford, Conn.; Allentown, Pa., and Newport News, Va.Tribune Publishing also offers an array of customized marketing solutions, and operates a number of niche products, including Hoy, El Sentinel and VidaLatina, making Tribune Publishing the country’s largest Spanish-language publisher. Tribune Publishing Company is headquartered in Chicago.
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