United States

Gannett rejects hostile takeover bid from cost-cutting rival

Newspaper giant Gannett said Monday its board has unanimously rejected a hostile takeover bid it got earlier this month from MNG Enterprises, a controversial cost-cutting rival, citing concerns that included the suitor’s lack of financing details. MNG, more widely known as Digital First Media, has slashed staff at papers including the Denver Post, the Boston Herald and the San Jose Mercury News. It’s controlled by hedge fund Alden Global Capital, which already owns about 7.5 percent of the stock of Gannett, the publisher of USA Today and over 100 local papers. Alden has until Feb. 7 to decide if it wants to put forth its own slate of directors to pressure the 10-member board to accept its Jan. 4 offer. “After careful review and ...