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poison pill

Tribune adopts shareholder rights plan to fend off Gannett

in Apolitical/Top Headlines by

Fending off an unsolicited takeover by the owner of USA Today, Chicago’s Tribune Publishing has adopted shareholder rights plan, a so-called “poison pill.” Gannett offered to buy Tribune Publishing last month for $815 million. Tribune rejected the offer last week, saying the price was too low. The company owns the Los Angeles Times, Chicago Tribune and a number of other newspapers. The plan announced Monday allows existing shareholders to buy preferred stock if a person or group acquires at least…

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