Wall Street seems to be showing little concern today about Gannett's disclosure, after stock markets closed yesterday, that a private Canadian investment firm had offered to buy about 1% of GCI's stock at what would have been a discount -- $29.45 a share -- in a so-called mini-tender offer. The firm is TRC Capital Corporation of Toronto. So far today, Gannett stock has been trading at around $29.19.A tender offer is the technical term for a formal proposal to buy a lot of stock in a business -- often, enough to take control. So-called mini-tenders, the Associated Press says, aren't subject to the same disclosures and protections as big tenders. In this case, I can't see any reason why investors would want to sell for less than what they could presumably get on the open market.
(Note: This post was delayed until now because, well, I screwed up.)
No comments:
Post a Comment
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
Note: Only a member of this blog may post a comment.