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Publishing

MNG Enterprises to launch proxy fight to overhaul Gannett board -WSJ

Feb 7 (Reuters) - Newspaper chain MNG Enterprises Inc has launched a proxy fight against Gannett Co Inc , the owner of USA Today, to overhaul the company’s board, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

MNG Enterprises, better known as Digital First Media, held a 7.5 percent stake in Gannett as of January.

Gannett rejected MNG’s $1.36 billion buyout offer on Monday, saying it undervalued the company and was not credible.

MNG nominated six candidates on Thursday, and will solicit shareholder votes for them to replace a majority of the board members standing for reelection at the company’s annual meeting this spring, the WSJ reported.

Both, MNG and Gannett did not immediately respond to a request for comment. (Reporting by Debroop Roy in Bengaluru)

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