Gannett’s board of directors unanimously rejected the bid from MNG Enterprises, Inc., known as Digital First Media, to acquire the company. They said they didn’t believe the offer was “credible” or in the best interest of shareholders.
Digital First Media submitted the unsolicited proposal last month. If successful, Digital First would’ve acquired Gannett for roughly $1.36 billion. The bid was widely criticized by those in the media industry, who pointed to Digital First Media’s history of slashing newsrooms to cut costs.
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