Gannett: MNG Trying to "Derail Our Progress"
MEMPHIS -- Gannett Co., owner of The Commercial Appeal, urged its shareholders Wednesday to vote for its slate of board candidates to stave off a hostile takeover from rival media company, MNG Enterprises.
MNG is backed by the Alden Global Capital hedge fund and is also known as Digital First Media. MNG recently sent Gannett an unsolicited offer to buy the company for more than $1 billion. Gannett board members rejected the offer.
MNG later offered up a slate of candidates to run for Gannett’s board, a move to take control of the company and, apparently, force the sale of the company to MNG.
The final vote on those candidates is slated for Gannett’s annual shareholder meeting on May 16th. On Wednesday, Gannett sent a letter to shareholders touting the experience and expertise of its nominees.
Read more: https://www.memphisflyer.com/NewsBlog/archives/2019/04/17/gannett-mng-trying-to-derail-our-progress
