Gannett Rejects Digital First Media’s Unsolicited Buyout Offer
Stating the offer undervalued the company, was not credible and not in the best interests of the company or its shareholders
On Monday, Gannett Co., Inc. (NYSE: GCI) announced that its board of directors had unanimously rejected an unsolicited $1.4 billion buyout offer from Digital First Media, a hedge-fund-backed media company officially known as MNG Enterprises, Inc. Gannett, who owns USA Today, the Detroit Free Press and the IndyStar newspapers, among others, said Digital Firstís proposal to acquire the company and its assets for $12.00 per share was not credible, it undervalued the company, and the proposal was not in the best interests of the company or its shareholders.
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