Tronc sinks 30% to $8.50 area on confirmation that GCI has pulled out of acquisition talks
- TRNC (then trading under TPUB) was trading around the $7.50 area when Gannet originally proposed to acquire the company back in April for $12.25/share in cash.
- GCI later raised its bid to a $15.00 per share all-cash offer.
- TRNC is trading -30% around $8.50 in current pre-market trading