McLean-based Gannett Inc. (NYSE: GCI) appears to have held off a hedge fund-led hostile takeover bid.
A preliminary vote tally following the company’s 2019 shareholder meeting shows all eight Gannett director nominees were elected to the Gannett board. Activist investor MNG Enterprises Inc., also known as Digital First Media, had sought to over Gannett’s board with directors of its own. The final results still need to be certified and filed with the Securities and Exchange Commission.
“Consistent with the interactions with our investors leading up to the meeting, this outcome demonstrates that Gannett shareholders recognize the continued progress we have made toward our ongoing digital transformation and agree that our strategic plan is the best path to deliver value for all Gannett shareholders,” Gannett said in a statement. “Our shareholders also understand that the broad and diverse backgrounds, professional experiences and skills of our directors make them uniquely qualified…Read the full story from the Washington Business Journal.