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Tronc responds to shareholder demand to up stake

Kirkland & Ellis LLP, on behalf of tronc Inc., responded to Nant Capital LLC and Patrick Soon-Shiong's demands that the company's board allow the shareholder to increase its ownership of common stock to 30%.

The shareholder also demanded access to the books and records of tronc in its demand letter. While tronc said it found Nant's March 27 letter to be filled with "misstatements and baseless innuendo," the company expects the board to consider the matter at an upcoming meeting.

The company dismissed the allegations against its board in the letter by Nant, according to an April 3 regulatory filing.