Tribune Publishing countered Gannett’s bid for control of the company by adopting a “poison pill” strategy Monday: if Gannett (or any other corporate raider) acquires more than 20 percent of the stock, existing shareholders will be able to buy preferred shares at a big discount, thus driving down the value of the raider’s new holdings.
What’s more, Oaktree let it be known it intended to lobby other “significant stockholders” and that this lobbying “may result in a plan for common action.”
