This corrects an earlier item that incorrectly reported the implied value of Gannett. It has been corrected
Gannett Co. Inc., the media company publisher of the USA Today newspaper, responded to MNG Enterprises unsolicited bid to buy the company, but saying it will “carefully” review the proposal and determine what is in the best interest of shareholders. Gannett said shareholders have not need to take any action as this point. The stock shot up 20% in premarket trade, putting it on track to open at the highest level since May 2018, after MNG said it proposed to buy Gannett for $12 a share in cash, a 23% premium, and implying a $1.4 billion market capitalization. Gannett’s stock had dropped 17.7% over the past 12 months through Friday, while the Dow Jones Industrial Average DJIA, -0.40% has lost 7.0%.
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