MCLEAN, Va. (AP) The publisher of USA Today and other newspapers is rejecting a $1.36 billion buyout from a hedge-fund backed media group with a history of taking over newspapers and slashing jobs.
MNG Enterprises, better known as Digital First Media, made its unsolicited bid of $12 per share last month.
Gannett Co. said today that its board determined the offer undervalued the company and it isnt in the best interests of the company or its shareholders. It was a unanimous vote.
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