Gannett raises bid for Tribune Publishing in US

Gannett, the publisher of USA Today, raised its unsolicited offer for Tribune Publishing to $15 (€13.25) per share from $12.25, valuing the publisher of the Chicago Tribune and the Los Angeles Times at about $475m.

Including debt, the offer is worth about $864m.

Tribune’s shares rose 22.1% to $14 shortly after midday, below the latest offer, which was set at a premium of 31% to Tribune’s Friday close.