Gannett's Interest In Tribune Publishing Pushes Stock Higher

Gannett Co Inc GCI shares are trading higher by $0.95 at $16.72 in Monday's session, after it launched a hostile bid for Tribune Publishing Company TPUB for $12.25 per share in cash.

The issue has traded no higher than $12.01 and has been drifting lower since the open.

Gannett opened slightly lower, but immediately bottomed just above the series of six lows at the $15.40 area, only reaching $15.63 before staging a rally. The ensuing rally has taken the issue to $16.74 and has not backed far off that level.

The current high coincides with its yearly high of $16.77.