Why Gannett is Likely to Win Its Takeover Bid for Tribune Publishing

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Despite initial resistance from Tribune Publishing’s management, financial logic suggests that Gannett will ultimately succeed in acquiring the company.

Consider that Gannett’s $815 million offer is a 60 percent-plus premium on the trading value of Tribune Publishing. Tribune’s board has a fiduciary duty to consider the proposal (as it has indicated it will). And the board is obliged to accept the offer unless it has a plausible alternative for similarly increasing shareholder value.

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