Gannett's board has rejected a hostile takeover bid by a hedge-fund backed company. But the company, MNG, fired back and says it is considering nominating new Gannett board members later this week...
After careful review and consideration, conducted in consultation with its financial and legal advisers, the Gannett board concluded that MNG's unsolicited proposal undervalues Gannett and is not in the best interests of Gannett and its shareholders.
MNG will consider its options in the coming days, including nominating a slate of individuals to the Gannett board who agree that Gannett shareholders should decide for themselves whether to accept our premium cash offer or other alternatives for immediate and certain value.
In light of this, Gannett now questions MNG's motives and can only conclude that the proposed [non-disclosure agreement] is a distraction designed to mask MNG's inability to finance and complete the proposed transaction.
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