MNG Enterprises Offers To Buy Gannett For $12/Shr

(RTTNews) - MNG Enterprises, Inc., owner and operator of newspaper businesses in the U.S., proposes to acquire Gannett Co., Inc. (GCI) for $12.00 per share in cash.

MNG, through its managed investment account, has a 7.5% ownership stake in Gannett.

MNG sais it also requested that Gannett immediately begin a review of strategic alternatives to maximize shareholder value, commit to a moratorium on the acquisition of any additional digital assets, and commit to a feasible, strategic and financial path forward before hiring a new CEO.

MNG says its proposal represents 41% cash premium to Gannett's 2018 year-end closing price.