Tribune Publishing Co. on Monday rejected a sweetened takeover offer from Gannett Co., insisting its turnaround plan is better than Gannett’s bid, and said a billionaire entrepreneur would take a $70 million stake in the company.
The company said it would receive a growth-capital investment from Nant Capital LLC, which was founded by health-care investor Dr. Patrick Soon-Shiong, in exchange for 4.7 million shares of Tribune stock at $15 a share—the same price that Gannett had proposed in its raised bid.
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