Gannett, the corporate owner of the Great Falls Tribune, is reviewing an unsolicited acquisition proposal from MNG Enterprises, Inc.
The story was first reported by the Wall Street Journal on Sunday. Their report said, “MNG Enterprises is a hedge-fund-backed media group known for buying up struggling local papers and cutting costs.”
Gannett commented on the proposal in a release posted in the investor relations section of its website.
“Gannett today confirmed that it has received an unsolicited proposal from MNG Enterprises Inc. to acquire Gannet for $12 per share in cash. Gannett’s stock closed at $9.75 on Friday, January 11, 2019. Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the Gannet board of directors will carefully review the proposal received to determine the course of action that it believes is in the best interest of the company and Gannett shareholders. No action needs to be taken by Gannet shareholders at this point.”
MTN News reached out to the Great Falls Tribune for comment, but was referred to a corporate spokesperson.