Gannett says the offer was “not in the best interests of its shareholders” and that Digital First’s proposal was not “credible”
Gannett has officially rejected a nearly $1.4 billion takeover offer from MNG Enterprises — more commonly known as Digital First Media. The decision from Gannett’s board of director’s was unanimous.
“After careful review and consideration, conducted in consultation with it financial and legal advisors, the Gannett board concluded that MNG’s unsolicited proposal undervalues Gannett and is not in the best interests of its shareholders,” the company said in a statement. “Gannett does not believe MNG’s proposal is credible.”
In a statement in response, Digital First said that Gannett has lost a significant chunk of its value in the last year and charged that the company leadership “has no credible plan” going forward.
