Gannett Rejects Takeover Bid
The parent company of the Arizona Republic has rejected a proposal to sell itself.
The potential buyer is MNG Enterprises Inc., itself owned by the New York hedge fund Alden Global Capital. In January, MNG made an unsolicited proposal to buy Gannett, which owns the Arizona Republic, USA Today and dozens of other papers around the country.
But Gannett’s Board is rejecting MNG’s bid. In a press release Monday, the Board said the pitch isn’t credible because MNG wouldn’t answer questions without a nondisclosure agreement. Gannett also said the price on offer — $12 a share in cash — isn’t high enough.
In its own release, MNG disputed Gannett’s claims. It already owns 7.5 percent of Gannett and said it will look at nominating different people to Gannett’s board.