Tribune Publishing’s CEO wins approval for his slate of board members
Gannett said it is ‘reviewing whether to proceed with its acquisition offer taking into account the results of the “withhold” vote at Tribune’s 2016 Annual Meeting and the latest Tribune actions’
The Tribune Publishing shareholders’ meeting was scheduled to start at 9am PT, or Noon on the east coast. One hour later Tribune announced that its slate of directors were approved, despite a massive effort by Gannett to get shareholders to vote ‘Withhold’.
Does this end Gannett’s efforts? Or will this soap opera be renewed for another season? Investors seem to think this is the end, TPUB stock is now falling hard following the release of this news. TPUB stock is down over 5 percent (and was down even further right after the new broke).
Later, Gannett issued a statement that thanked those shareholders who did not vote to support Ferro’s slate of nominees, though it did not announce whether they would withdraw their offer.
“Gannett is reviewing whether to proceed with its acquisition offer taking into account the results of the “withhold” vote at Tribune’s 2016 Annual Meeting and the latest Tribune actions, including its response to Gannett’s $15.00 per share offer,” the publisher of USA Today said in a statement,
Here is Tribune Publishing’s announcement:
CHICAGO, Ill. – June 2, 2016 — Tribune Publishing Co. (NYSE:TPUB) today announced preliminary voting results from its Annual Meeting of shareholders held earlier today indicating that shareholders have elected all of the Company’s nominees, including Messrs. Justin C. Dearborn, David E. Dibble, Michael W. Ferro Jr., Philip G. Franklin, Eddy W. Hartenstein, Richard A. Reck, and Donald Tang, and Ms. Carol Crenshaw. The directors have been elected to serve one-year terms ending at Tribune Publishing’s annual meeting in 2017.
“We thank Tribune Publishing shareholders for their support as we continue to execute our strategic transformation and reposition the Company for long-term growth,” said Chairman Michael Ferro. “We have a tremendous opportunity at Tribune as we move aggressively to implement the changes necessary to succeed in the current environment and today’s results demonstrate that the majority of our voting shareholders agree. Our Board remains dedicated to acting in the best interests of all shareholders and executing on our strategic plan to create exceptional value for all stakeholders.”
The full voting results for all of Tribune Publishing’s proposals will be made publicly available after the inspector of election has certified the results.