Gannett Confirms Receiving Proposal From MNG Enterprises; Stock Up
In the pre-market trade, GCI is trading at $11.65, up $1.90 or 19.49 percent.
Gannett noted that its board will carefully review the proposal received to determine the course of action that it believes is in the best interest of the company and Gannett shareholders. No action needs to be taken by Gannett shareholders at this point.
Earlier today, MNG Enterprises said it proposed to acquire Gannett Co. for $12.00 per share in cash. The proposed transaction would represent a cash premium of 41% to the Gannett stock price as of December 31, 2018.
MNG said it has asked Gannett to enter into discussions with MNG immediately about a strategic combination. MNG also requested 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 chef executive officer.
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