Gannett Shareholders Reject MNG Nominees for Board of Directors
Will MNG drop its takeover attempt?
Last Thursday, Gannett (NYSE: GCI) shareholders proclaimed a resounding “no” to MNG board candidates, electing eight of its own candidates instead. MNG Enterprises, also known as Digital First Media, has been trying to take over Gannett since January when it made an unsolicited bid to buy the media organization for $1.4 billion. Gannett rejected the bid, saying it undervalued Gannett, that MNG’s offer was not credible, and it was not in the best interests of its shareholders.
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