Gannett Co., Inc. today announced a proposal to acquire all of the outstanding shares of common stock of Tribune Publishing Company for $12.25 in cash per Tribune share. The total value of the proposal is approximately $815 million, including the assumption of certain Tribune liabilities, which include approximately $390 million of debt outstanding as of December 31, 2015. Gannett’s all cash proposal would provide Tribune stockholders a 63% premium to the closing stock price of Tribune on April 22, 2016, a 58% premium to the volume weighted average trading price over the past 90 days, and a multiple of 5.6x Tribune’s estimated 2016 EBITDA, based on consensus research estimates. The $12.25 per share offer price also represents a significant premium to the $8.50 share price at which Tribune recently issued common shares and provides immediate and certain cash value to Tribune stockholders. “The Gannett Board unanimously believes that the acquisition of Tribune would deliver substantial strategic and financial benefits for the combined company, and we are pleased to offer Tribune stockholders a significant and compelling premium and immediate cash value for their investment,” said John Jeffry Louis, Chairman of the Gannett Board of Directors. “A combination with Tribune would rapidly advance Gannett’s strategy to grow the USA TODAY NETWORK, the largest local to national network of journalists in the country, to include more local markets and new platforms, which we believe will benefit readers and result in significant and sustained value creation for Gannett stockholders.”
The Home Depot®, the world’s largest home improvement retailer, today reported sales of $37.5 billion for the first quarter of fiscal 2021, an increase of $9.2 billion, or 32.7 percent from the first quarter of fiscal 2020. Comparable sales for the first quarter of fiscal 2021 increased 31.0 percent, and comparable sales in the U.S. increased 29.9 percent.
Net earnings for the first quarter of fiscal 2021 were $4.1 billion, or $3.86 per diluted share, compared with net earnings of $2.2 billion, or $2.08 per diluted share, in the same period of fiscal 2020. For the first quarter of fiscal 2021, diluted earnings per share increased 85.6 percent from the same period in the prior year.
“Fiscal 2021 is off to a strong start as we continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects,” said Craig Menear, chairman and CEO. “I am proud of the resilience and strength our associates have continued to demonstrate, and I would like to thank them and our supplier partners for their hard work and dedication to our customers.”
At the end of the first quarter, the Company operated a total of 2,298 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 500,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.