Gannett (GCI) Enters Agreement to Acquire ReachLocal (RLOC) for $4.60/Share in Cash
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Gannett to Acquire Digital Marketing Solutions Company ReachLocal, Inc.
June 27, 2016 4:15 PM EDTAdds more than $320 million of annual digital revenue
MCLEAN, Va. & WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- Gannett Co., Inc. (NYSE: GCI) and ReachLocal, Inc. (NASDAQ: RLOC) announced today the execution of a definitive merger agreement whereby Gannett would acquire the outstanding shares of ReachLocal, Inc., for $4.60 per share in cash, via a tender offer. This represents a 188% premium to the unaffected closing price on Friday, June 24, 2016, and a total enterprise value of approximately $156 million. The transaction has been unanimously approved by the Boards of Directors... More
