Digital First Media

Gannett Responds to MNG Enterprises, Inc.

Retrieved on: 
Monday, February 11, 2019
Social media, Professional services, Finance, Communications, Advertising, Marketing, Other Communications, Media in the United States, States of the United States, Gannett, Digital First Media, MNG Airlines, Multiple-image Network Graphics

Gannett Co., Inc. (NYSE: GCI) (Gannett or company) today described the February 7, 2019, meeting where representatives of Gannett, including two of Gannetts independent directors, and its financial and legal advisors met with MNG Enterprises, Inc. (MNG).

Key Points: 
  • Gannett Co., Inc. (NYSE: GCI) (Gannett or company) today described the February 7, 2019, meeting where representatives of Gannett, including two of Gannetts independent directors, and its financial and legal advisors met with MNG Enterprises, Inc. (MNG).
  • MNG framed its proposed transaction as a merger or combination, not the acquisition proposal that MNG had previously put forth.
  • J. Jeffry Louis, chairman of the Gannett board of directors, said, We are disappointed that at the meeting on February 7, MNG again failed to provide substantive answers to the basic questions Gannett has repeatedly raised.
  • MNG delivered notice to Gannett of its intent to nominate six director candidates during a break in the meeting on February 7.

MNG Continues to Pursue a Strategic Acquisition of Gannett at $12.00 Per Share in Cash

Retrieved on: 
Thursday, February 7, 2019
Professional services, Banking, Finance, Communications, Publishing, Media in the United States, States of the United States, Gannett, MNG Airlines, Digital First Media, Share

MNGs proposal represents a 41% cash premium to the Gannett share price on December 31, 2018.

Key Points: 
  • MNGs proposal represents a 41% cash premium to the Gannett share price on December 31, 2018.
  • MNG stated the following:
    It remains MNGs singular preference to pursue a negotiated transaction, which we believe would be in the best interest of all Gannett shareholders.
  • MNG Enterprises, as the sole member of MNG Holdings, may be deemed the beneficial owner of the 8,506,799 shares owned by Opportunities.
  • MNG Holdings, as the managing member of Opportunities, may be deemed the beneficial owner of the 8,506,799 shares owned by Opportunities.