Thurrock Gazette’s parent company subject of takeover bid

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NEWSQUEST’S US parent company Gannett has received a takeover bid from a rival US publisher, one the National Union of Journalists has warned is “renowned for cost cutting and job slashing” reports the Press Gazette.

MNG Enterprises, also known as Digital First Media, has made a cash offer for Gannett of $12 per share, having built up a 7.5 per cent stake in the publisher, which bought Newsquest in 1999.

Gannett’s stock price closed at $9.75 on Friday but has been trading at $11.56 today following the bid being made public.

The NUJ said Gannet was now “being pursued by the most predatory of vulture capitalist corporate raiders who are far distant from the needs and responsibilities of a modern media company”.

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