In the latest episode of Tribune Publishing’s(TPCO) long running drama, the company formerly known as Tronc has rejected a $16.50 bid from McClatchy(MNI), Bloomberg reports. After ending its conflict with shareholder Patrick Soon-Shiong by selling him the Los Angeles Times in June for $500 million, the company, mercifully, changed its name back to Tribune Publishing in October. Tribune Publishing continues to own such storied newspapers as the Chicago Tribune, New York Daily News, Baltimore Sun and Hartford Courant.
McClatchy’s offer was said to be $15 per share in cash and $1.50 worth of McClatchy stock per share. With the end of talks with McClatchy, talks with other bidders continue. Both Donerail Group and AIM Media are thought to have submitted bids.
Disclosure: The author has no position in any stock mentioned
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