The company also rejected on Monday Gannett Co’s latest takeover offer, but said it would allow the publisher of USA Today access to some confidential corporate information.

Los Angeles-based Soon-Shiong, through his fund Nant Capital LLC, will hold about 12.9 percent in Tribune and join the publisher’s board as vice chairman on June 2.

Soon-Shiong, a South African-born surgeon, is part-owner of the Los Angeles Lakers basketball team. He founded two drug companies, which he sold for a total of $8.6 billion.

Nant Capital has also entered into a standstill agreement with Tribune, limiting its ability to raise stake in the publisher.

Reuters reported on Sunday that Tribune was planning to reject Gannett’s offer, valued at $864 million including debt.

Tribune said on Monday that the $15 per share cash offer by Gannett was not in the best interests of shareholders. Gannett had raised its offer last week from $12.25 per share.

Oaktree Capital Management LP, a major shareholder of Tribune, urged the company to form an independent board to consider the proposal, according to a filing.

Oaktree owned about 4.7 million shares of Tribune, or 14.8 percent stake, as of May 20, according to Thomson Reuters data.

Tribune said it had determined that a committee was not “appropriate or necessary.”

The company’s shares were down 8.2 percent at $13.06 in light premarket trading.