- The latest in what's becoming an increasingly hostile back-and-forth over a proposal to acquire Gannett (GCI -2.1%) comes from suitor MNG, who responds to today's Gannett note by reiterating the company can't achieve its bid value on its own.
- “Gannett grossly mischaracterized the meeting we had last week, as well as MNG’s ability to close this transaction," MNG says in its reply. "MNG expects to have fully committed financing in place within weeks, and the pro forma leverage profile of the combined companies would be very conservative relative to industry comparables. Further, MNG can complete its diligence within four weeks with the cooperation of Gannett."
- Under the watch of Chairman Jeff Louis, Gannett has seen adjusted EBITDA decline 31% and free cash flow by 50%, MNG says.
- It's offering $12/share in cash, while Gannett is at $10.92.
- MNG has a 7.5% stake in Gannett.
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Original article