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Gannett's board urges stockholders to vote against MNG director nominees

Gannett Co. Inc.'s board urged the company's stockholders to vote in favor of the eight director nominees recommended by the board at an annual meeting on May 16.

The company asked the stockholders to vote against the six director nominees recommended by MNG Enterprises Inc. since they were chosen by MNG to "serve" the interests of MNG and Alden Global Capital LLC, a hedge fund that controls MNG, according to a definitive proxy statement filed March 26.

The directors nominated by Gannett's board are Chairman John Jeffry Louis, John Cody, Stephen Coll, Donald Felsinger, Lila Ibrahim, Lawrence Kramer, Debra Sandler and Chloe Sladden.

Gannett also reiterated its concerns regarding MNG's unsolicited proposal to buy Gannett, arguing that the offer undervalued the company and its assets. In a letter to the company's shareholders, Louis said MNG failed to confirm whether it secured financing for a potential transaction, address concerns regarding antitrust regulatory concerns and a plan for managing the operations of Gannett.

Oak Tree Capital Management LP recently delivered a letter to MNG Enterprises stating they are "highly confident" in the company's ability to attain a debt financing package in an aggregate principal amount equal to not less than $1.73 billion in connection with MNG's offer to buy Gannett.