Digital First Media – MNG offers Value-Destroyed Gannett Newspapers Takeover Bid
NewsStrong .com – http://newsstrong.com/?p=440 reports –
Newspapers … “suffered from a series of value-destroying decisions made by an unfocused leadership team.” MNG
Gannett Receives $ 1.36 Billion Takeover Offer From a Rival.
Consumer products affected: The Asbury Park Press, The Record (Bergen County), The Courier News (Bridgewater), The Courier-Post (Cherry Hill), The Home News Tribune (East Brunswick), The Daily Record (Morristown), The Daily Journal (Vineland), and The Herald News (Woodland Park).
New York Times reports 1.14.2019 – MNG Enterprises, which owns one of the largest newspaper groups in the United States, proposed on Monday a takeover of the giant newspaper publisher Gannett, a move that would further consolidate a struggling industry.
In an open letter to Gannett’s board, MNG said it was willing to pay $12 per share in cash, which represents a 23 percent premium on Gannett’s closing price on Friday and values the company at $1.36 billion. Monday morning, the stock was up as much as 20 percent in premarket trading.
In its letter, MNG said Gannett, which owns USA Today, The Detroit Free Press and other publications, had “suffered from a series of value-destroying decisions made by an unfocused leadership team.” MNG owns some 200 publications, including The Denver Post and The San Jose Mercury News in California, and said it was Gannett’s largest shareholder, with a 7.5 percent stake.
Gannett, which is based in McLean, Va., said… Share More: https://www.nytimes.com/2019/01/14/business/dealbook/gannett-takeover-offer-mng.html
Digital First Media / MNG is the parent owner of The Trentonian.