Tronc stock spikes on report the item’s considering a buyout bid by PE firm

A copy of the brand new York Daily News sits on the shelf of a newsstand, September 5, 2017 in brand new York City. 

Drew Angerer | Getty Images News | Getty Images

A copy of the brand new York Daily News sits on the shelf of a newsstand, September 5, 2017 in brand new York City. 

Shares of Tronc spiked as much as 17 percent Wednesday after a report by The Chicago Tribune that will the newspaper conglomerate is actually considering a buyout bid by a private equity firm.

The stock hit an intraday high of $17.30 before the item was briefly halted. Shares resumed trading roughly 11 percent up as well as ended trading nearly 13 percent up.

The Chicago Tribune, citing unnamed sources, reported at least two bids are on the table — one that has a cost tag between $19 as well as $20 per share. Politico reported a similar bid in July.

Tronc earlier This specific year sold the Los Angeles Times as well as a San Diego-based paper. the item owns the Chicago Tribune as well as Baltimore Sun, among major papers.

With Wednesday’s surge, the stock is actually up 22 percent from the last 12 months however down 5 percent in 2018.

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