According to a report from the Wall Street Journal, national newspaper chain Gannett announced it continues to find a takeover proposal from Digital First Media inadequate after meeting with representatives from the newspaper.
The meeting came after Gannett, one of the nation’s largest newspaper chains and the publisher of USA Today, rejected the offer from Digital First, also known as MNG Enterprises, to buy it for US$1.4 billion.
Digital First described the transaction as a merger or combination, not as an acquisition as it originally proposed, Gannett stated Monday, February 11, describing details from Thursday’s meeting about the potential deal.
However, the Virginia-based company stated Digital First hadn’t secured potential financing as of last week. Digital First planned to finance the deal with debt instead of new equity, Gannett said.
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