McLEAN, VIRGINIA (Nov 1): Gannett Co Inc, the publisher of USA Today, said on Tuesday it had abandoned plans to buy Tronc Inc, the publisher of the Chicago Tribune and the Los Angeles Times. Bloomberg reported in early October that Gannett was offering US$18.50 to US$19 per share. Gannett, the biggest US newspaper publisher by circulation, made an unsolicited US$12.25 per share takeover offer for Tronc — formerly Tribune Publishing Co — in April, valuing the company at about US$815 million. Up to Monday's close, Gannett's shares had lost about 50% of their value since it made its first offer for Tronc on April 25. Tronc's shares were down 19.8% at US$9.65 in early trading, while Gannett's were up 1.9% at US$7.92.

Source: The Edge Markets November 01, 2016 16:28 UTC