Tronc Makes a Gamble with ‘Just Say No’ Takeover Defense

New York Times: It is not certain whether Tronc’s resistance is a brilliant negotiating defense to push the Gannett offer higher or whether the board is saying the company is not for sale at any price. If the former, chief Michael Ferro has earned his accolades from shareholders. If the latter, he perhaps has also, but we will not know the outcome for years to come.