MNG Enterprises, which has dramatically slashed head count at newspapers like the Boston Herald and the Denver Post, stepped up its bid to acquire USA Today publisher Gannett on Tuesday by urging shareholders to help it replace the company’s board.
The bid by MNG Enterprises to take over USA Today publisher Gannett now has a showdown date, May 16, which the Gannett board set as the date of the annual shareholders meeting.
The Wall Street Journal, citing “people familiar with the matter,” reported Monday that MNG, Enterprises, better known as Digital First Media, which is backed by a hedge fund, holds 7.5% of Gannett’s stock and has been rebuffed repeatedly by the company when it has approached it about a sale. Digital First plans to offer to buy Gannett for $12 per share, nearly a quarter above its closing share price Friday of $9.75.
