Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Tronc, Gannett nosedive as reported funding withdrawal threatens deal

Published 10/27/2016, 03:01 PM
Tronc, Gannett nosedive as reported funding withdrawal threatens deal
  • Tronc (TRNC -21.1%) and Gannett (GCI -14.1%) are diving together, on a Bloomberg report that a Gannett pursuit of Tronc is in doubt with banks reportedly withdrawing funding.
  • Tronc shares had just moved up Tuesday on a report that Gannett was eager to get a deal done before Gannett's earnings today (didn't happen).
  • Gannett has undergone a hostile pursuit for Tronc through the year, but recent reports had backchannel negotiations that got the acquisition price closer to $18.75/share. Tronc's at $13.43 and slipping.
  • Several lenders have withdrawn, Bloomberg says, over concerns about the health of both businesses at the $18.75/share valuation for Tronc. But the companies are reportedly working to try to salvage the deal.
  • Gannett stock has been declining through the day after its profits missed expectations.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.