Digital First wants to buy fellow newspaper owner Gannett

Digital First wants to buy fellow newspaper owner Gannett

Digital First wants to buy fellow newspaper owner Gannett

The Wall Street Journal is reporting that MNG Enterprises, better known as Digital First Media, is preparing to bid for newspaper publisher Gannett Co.

In a statement, MNG said the proposed transaction "would represent a cash premium of 41% to the Gannett stock price as of December 31, 2018, and MNG has asked Gannett to enter into discussions with MNG immediately about a strategic combination".

Gannett shares popped more than 20 percent, to $11.70, on MNG's push for a sale.

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Gannett said Monday it received the letter, and its board will carefully review the proposal.

The bidder, which trades as Digital First Media, has already amassed a 7.5pc shareholding in Gannett and went public with its interest in an acquisition, complaining that its target had not "meaningfully engaged" with private approaches.

Digital First Media, which is backed by NY hedge fund firm Alden Global Capital and also conducts business as MediaNews Group, now owns about 7.5 percent of Gannett's stock, and will offer to buy the company for $12 a share - "a 23 percent premium over Friday's closing price of $9.75", the Journal report said. It bought the Boston Herald out of bankruptcy for $11.9 million a year ago and snagged the Orange County Register and the Press-Enterprise out of bankruptcy in 2016.

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