Gannett MNG Fight: Gannett Gets Glass Lewis Backing in Takeover Clash - usatoday.com -BoardProspects

Gannett MNG Fight: Gannett Gets Glass Lewis Backing in Takeover Clash

usatoday.com May 7 2019 BoardNews

A shareholder advisory service sided with Gannett in its effort to fend off the hostile takeover attempt of a hedge fund-controlled newspaper company. Glass Lewis, which advises shareholders on governance issues, recommended that Gannett stockholders reject the unsolicited bid and board nominees from MNG Enterprises...
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Quotes
1. Overall, while there are certainly challenges facing the Company, and the transition to digital strategy advocated by the incumbent board is far from proven, we find it difficult to fault the current leadership team for delivering performance that has largely kept pace with industry peers.
2. Having evaluated the arguments made by MNG and the incumbent board's response, we do not believe there is sufficient basis to support the Dissident's campaign in favor of board representation at this time.
Topics Mentioned
- Shareholders
- CEO
- acquisition
- real estate
- ISS
- Glass Lewis
- Hedge Fund
- Gannett
- MNG Enterprises
- Payless
- hostile takeover
- Takeover
- shareholder value
Authors
- Nathan Bomey