A recent article says there are common large investors that hold both Belo and Gannet. That is why there was a private deal. Don't look for a higher bid, the insiders control over 49% of the votes. I got out at $14.40 yesterday and very happy to get a $.65 bonus without waiting six months for the merger to go through. The only other thing that could happen is an injunction on the sale due to a class action law suit. It would be difficult to prove irreparable harm.