Monday, January 14, 2019 9:27:48 AM
8:47 am ET January 14, 2019 (MarketWatch)
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Shares of Gannett Co. Inc. (GCI) rocketed 20% toward an 8-month high in premarket trade Monday, after the media company and publisher of the USA Today newspaper received a buyout bid from hedge fund MNG Enterprises that would value Gannett at about $1.4 billion. MNG said it has sent a letter to Gannett proposing paying $12 in cash for each Gannett share outstanding, which represents a 23% premium to Friday's closing price of $9.75. The proposal confirms The Wall Street Journal's report (http://www.marketwatch.com/story/digital-first-media-eyes-buyout-of-usa-today-publisher-gannett-2019-01-13) from Sunday. "In the letter, MNG notes that the team leading Gannett has not demonstrated that it is capable of effectively running it as a public company, with the stock having lost 41% of its value since its debut as a public company two and a half years ago," MNG said in a statement. MNG, which has a 7.5% ownership stake in Gannett, said it operates over 200 publications including The Denver Post, The San Jose Mercury News and The Boston Herald. Gannett's stock has gained 2.3% over the past three months, but has shed 17.7% over the past 12 months. In comparison, the S&P 500 has lost 6.2% over the past three months and has shed 6.8% the past year.
-Tomi Kilgore
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January 14, 2019 08:47 ET (13:47 GMT)
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Recent GCI News
- Gannett Announces First Quarter 2024 Results and Reiterates Business Outlook • Business Wire • 05/02/2024 11:00:00 AM
- Gannett Schedules First Quarter 2024 Results • Business Wire • 04/18/2024 11:30:00 AM
- Gannett Announces Nomination of Independent Candidate to Board of Directors • Business Wire • 03/29/2024 12:15:00 PM
- Gannett Announces Further Debt Reduction • Business Wire • 03/26/2024 11:00:00 AM
- LocaliQ Achieves SOC 2 Type II Compliance Certification • Business Wire • 03/12/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:35:52 PM
- Gannett to Participate at Deutsche Bank 32nd Annual Media, Internet, & Telecom Conference • Business Wire • 03/04/2024 12:30:00 PM
- USA TODAY Announces the 2024 Women of the Year in Honor of Women’s History Month • Business Wire • 02/29/2024 03:07:00 PM
- Monica Richardson Appointed USA TODAY Senior Vice President • Business Wire • 02/23/2024 07:38:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 12:15:41 PM
- Gannett Announces 2023 Results and Business Outlook • Business Wire • 02/22/2024 12:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 10:37:55 PM
- State Farm Wins USA TODAY’s 36th Annual Ad Meter Competition • Business Wire • 02/12/2024 02:06:00 PM
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- USA TODAY NETWORK Ventures Announces 2024 Legends Party With NFL Alumni Legends • Business Wire • 01/24/2024 02:00:00 PM
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