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Gannett Co. may or may not be looking for a buyer, but they won’t be acquired by MNG Enterprises Inc, better known as Digital First Media. The board unanimously rejected the offer, which came without being solicited.
MNG offered $12 per share, a penny higher than shares have sold for at any point this year. The current price is $9.75.
“After careful review and consideration, conducted in consultation with its financial and legal advisers, the Gannett board concluded that MNG’s unsolicited proposal undervalues Gannett and is not in the best interests of Gannett and its shareholders,” the company said in statement. “In addition, Gannett does not believe MNG’s proposal is credible.”
Gannett rejects MNG Enterprises/Digital First Media proposal
Gannett said that in response to the Jan. 14 offer it sent a letter to MNG offering to arrange a meeting between representatives of both companies, including two of Gannett’s independent directors. In the letter, Gannett posed questions that included how MNG would finance the deal, what MNG’s view on antitrust concerns was, and what its approach would be to newsroom staffing and pension obligations. Gannett said MNG’s response was to require a non-disclosure agreement, or NDA.
My Take
Gannett needs help. They’re losing money, firing employees, and seemingly doing very little to change their fortunes. We will see what happens to the company in this pivotal year ahead of the big media blitz of the 2020 election season.
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