Gannett Jumps On Takeover Offer From MNG Enterprises

( - Shares of Gannett Co., Inc. ( GCI ) continue to see significant strength in afternoon trading on Monday after gapping open sharply higher. After reaching its best intraday level in almost a year, Gannett is currently up by 21.6 percent.

Gannett spiked at the start of trading after revealing newspaper chain MNG Enterprises Inc. has offered to acquire the media for $12 per share in cash.

The company said its board of directors 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.

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