Feb 4 (Reuters) - Gannett Co Inc said on Monday its board rejected newspaper chain MNG Enterprises Inc’s unsolicited bid saying the offer undervalued the company and was not credible.
MNG, controlled by secretive hedge fund Alden Global Capital LLC, offered to buy Gannett in a $1.36 billion deal in January to add the USA Today and scores of other newspapers to its stable of regional publications.
Gannett said its board would engage with any party that makes a bona fide, credible proposal that appropriately values the company and is capable of being closed, and MNG’s proposal fails that test. (Reporting by Akanksha Rana in Bengaluru; Editing by Shailesh Kuber)
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