Another Tribune Publishing shareholder files complaint
Shareholder groups continue to complain about the tactics Tribune management has used to fight off the acquisition efforts of rival Gannett
Another shareholder has filed a complaint against Tribune Publishing, soon to be called ‘tronc’. The new complaint is from the Monroe County Employees Retirement System, who like other shareholders are upset that Tribune has not accepted Gannett’s acquisition offer of $15 per share.
“But rather than “popping Champagne corks and shouting Hallelujah” at the initial “eye-popping” bid, as Dealbook’s Sorkin described it, Ferro and the Tribune Board instead delayed responding to Gannett as long as possible,” the complaint states.
Obviousl, there are shareholders who do not believe they think the publisher’s current managemnet team capable of succeeding with its ‘tronc’ strategy which includes creating boatloads of video content, and would prefer the simple solution of accepting Gannett’s offer.
“As Dealbook’s Sorkin explained, “[a]t most public companies that at least pretend to think about their shareholders, a firm that gets an unsolicited offer hires bankers relatively quickly to sort out its options,” the shareholder complaint states.
But the continuing battle between Tribune and Gannett has oddly driven up the price of TPUB stock to nearly $13.50 a share.