Tribune PublishingCo.'s second-largest shareholder is pressing the company to reopen negotiationsfor a sale to Gannett Co Inc.or any other interested party.
Oaktree Capital Group and related entities, which own a 14.8%stake in Tribune, wrote in a regulatory filing that it would be in shareholders'best interest for Tribune to attempt to reach an acceptable sale agreement. TheMay 6 filing comes just days after Tribune rejectedan unsolicited offer fromGannett to buy Tribune for $12.25 per share in cash in a deal valued at roughly$815 million. Tribune's board deemed the bid too low.
After Gannett took the unsolicited bid public last month, executivesat the two newspaper companies traded wordsin a negotiation process that analystssaid was uncharacteristically hostile for the newspaper industry.