Gabelli Downgrades Belo Corp (BLC) to Sell
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Gannett Co (GCI) / Belo (BLC) Deal Puts Peers in Spotlight
June 13, 2013 11:24 AM EDTGannett Co., Inc. (NYSE: GCI) and Belo Corp. (NYSE: BLC) jointly announced today that they have entered into a definitive merger agreement under which Gannett will acquire all outstanding shares of Belo for $13.75 per share in cash, or approximately $1.5 billion, plus the assumption of $715 million in existing debt for an... More
Gannett (GCI) to Acquire Belo (BLC) for $13.75/Share Cash
June 13, 2013 7:31 AM EDTGannett Co., Inc. (NYSE: GCI) and Belo Corp. (NYSE: BLC) jointly announced today that they have entered into a definitive merger agreement under which Gannett will acquire all outstanding shares of Belo for $13.75 per share in cash, or approximately $1.5 billion, plus the assumption of $715 million in existing debt for an enterprise value of approximately $2.2 billion. The transaction, which has been unanimously approved by the boards of directors of both companies, represents a 28.1 percent premium to the closing price of Belo common stock on June 12, 2013.
The combination creates a... More
