May 15, 2016 / 10:54 PM / 2 years ago

Oaktree urged Tribune Publishing to merge with Gannett: Barron's

NEW YORK (Reuters) - Oaktree Capital Management urged newspaper publisher Tribune Publishing to negotiate a merger with Gannett Co Inc after it declined a purchase offer by Gannett, Barron’s reported, citing 13D filings from May 5-11.

A Chicago Tribune delivery truck is seen in Chicago, Illinois, United States, May 11, 2016. REUTERS/Jim Young

Oaktree holds 14.8 percent of Tribune’s shares, making it the third-biggest shareholder.

Oaktree also stated that “in the event one or more other parties express an interest in acquiring [Tribune],” it should be open to discussions with the parties.

On May 9, Tribune said its board had adopted a shareholder rights plan, popularly known as a “poison pill,” in a bid to thwart Gannet’s unsolicited takeover offer.

Reporting by Marcy Nicholson; Editing by Chris Reese

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