Banks financing Gannett Co.’s potential takeover of Tronc Inc. have backed out, according to people familiar with the matter, putting a merger of the newspaper companies in doubt.
Gannett and Tronc had agreed to a deal price of about $18.75 a share, but several lenders withdrew over concerns about the health of the two companies’ businesses at that valuation, said the people, who asked not to be identified because the discussions are private. Talks between Gannett and Tronc continue in the hopes of salvaging their effort to merge, the people said.
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