“It appears that MNG does not have a realistic plan to acquire Gannett,” Gannett said in a statement.
The publisher of USA Today and dozens of other newspapers said no to a hedge-fund backed media group with a reputation for slashing jobs, but the buyout fight may not be over.
Gannett on Monday said its board has unanimously rejected an unsolicited $1.36 billion buyout from MNG Enterprises, better known as Digital First Media. Digital First then said that it might nominate new Gannett board directors to consider its offer.
The board decided the $12 per share offer was too low, and that it wasn’t in the interest of the company or its shareholders, according to Gannett Co. Gannett also cast doubt on Digital First’s ability to complete the deal after it said the company refused to answer questions about its ability to fund the acquisition without a non-disclosure agreement.
