Shareholders continue to push Tribune Publishing, now to be called ‘tronc’, on Gannett offer
Today should have been a good day for Tribune Publishing – it got its nominees for directors of the board approved at the shareholders’ meeting yesterday and then it announced its rebranding efforts. Of course, that rebranding effort was the talk of the industry as the publisher announced that it would be no longer called Tribune Publishing but come June 20 it would be called tronc, leading to no end of jokes, gasps, and head banging.
Late Friday afternoon came more news that two shareholders are still unhappy that the Gannett offer was rejected.
Oaktree Capital Management has sent another letter to Tribune Publishing – they didn’t call it tronc – that they still want the publisher to establish an independent committee to consider consider Gannett’s proposal.
“Lest there be any doubt, however, we would sell our shares at $15 per share – and believe that all shareholders should be afforded the opportunity to do so – if the only alternative is to rely on your continued leadership of the company,” wrote John B. Frank, Vice Chairman.
Then Barrack Rodos & Bacine announced that they had filed a lawsuit in the Court of Chancery of the State of Delaware against Tribune’s board of directors “for its failure to respond in good faith to premium offers by a prospective bidder to purchase the Company, asserting breach of fiduciary duty.”
Barrack, Rodos & Bacine is not a shareholder, but a law firm “dedicated to protecting the rights of shareholders and consumers worldwide” the company’s website proclaims. Whether they actually win any of their lawsuits is something that is outside my area of expertise, thank goodness.
In the end, these complaints and lawsuits may come to nothing. But starting June 20 the company has another problem, it will be known as tronc.