YONKERS, NY — February 2, 2019 — The Wall Street Journal revealed that the Denver, Colorado-based Digital First Media, a closely held media company, better a known as MNG Enterprises, already owns 7.5% of the Gannett Co.. Approximately three weeks ago it offered $12 per share to by the rest of the McLean, Virginia company. To date however, the Gannett Co. Has not responded to the offer. In the meanwhile, Shares in the Gannett Co. Have risen from a $9 per share low at the beginning of 2019 and the close on Friday, February 1, 2019 at $11.22 per share.
Gannett is advised by Greenhill & Co., and the law firm of Skadden, Arps , Slate, Meagher & Flom LLP. The Wall Street Journal informs that the Gannett Co. was engaged in considering its response to the offer on Thursday, January 31, 2019.
Both the Gannett Co. and Digital First Media have been negotiating a possible meeting to discuss the bid with the Gannett Co. Who are seeking the means by which MNG / Digital First Media plan to finance the takeover.
Digital First Media / MNG Enterprises has indicated it is capable of launching a proxy fight for control of the Gannett Co. Board of Directors. Such an undertaking will require the move take place before a nomination deadline of this Thursday, February 7, 2019. That is unless Gannett Co. agrees to extend it.
Gannett Co. may pursue another suitor in order to avoid a costly proxy fight. Tribune Publishing Co. had previously shown interest and may consider resuscitating their previous effort.