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1/14, 1:43 PM (Source: TeleTrader.com)
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Gannett-2.27%

10.99
Chart for: Gannett Co., Inc.

MNG proposes to buy Gannett for around $1.4B

MNG Enterprises Inc. announced on Monday that its board of directors sent a letter proposing to acquire Gannett Co. Inc. for $12 per share in cash. The proposed transaction would represent a cash premium of 23% to Gannett’s closing price on Friday and the bid would value the USA Today publisher at around $1.4 billion.

MNG, better known as Digital First Media, also requested in a press release that Gannett "immediately commence a review of strategic alternatives to maximize shareholder value, commit to a moratorium on the acquisition of any additional digital assets, and commit to a feasible, strategic and financial path forward before hiring a new CEO."

Gannett has lost 41% of its value since its debut as a public company two and a half years ago.

MNG is the owner and operator of one of the largest newspaper businesses in the US, with approximately 200 publications.

Breaking the News / MA