Gannett (GCI) Had Financing Options for tronc (TRNC) Takeover - Spokesperson

November 1, 2016 12:02 PM EDT

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A Gannett (NYSE: GCI) spokesperson said it had financing options regarding a potential takeover of tronc, Inc. (Nasdaq: TRNC) but terminated talks after considering accretion and whether a deal made sense.

Comments from Gannet followed an earlier statement from tronc that suggested that financing was the reason talks failed.

“Gannett had a number of financing options available and determined to terminate discussions with tronc after considering both accretion to shareholders and whether the terms make sense for the company,” said a Gannet spokesperson.

The parties agreed to a purchase price in mid-September and the two sides had been working to finalize the deal, according to an earlier press release from tronc.

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