Well, according to a recent report by the Wall Street Journal, Gannett Co Inc. (NYSE: GCI) is going to win the proxy fight with MNG and retain all 8 board seats at the company. This is good news for Gannett’s management, which has worked extremely hard to fend off MNG’s cash offer for the company.
The WSJ reported that according to unofficial voting results, Gannett would win the unwanted proxy fight launched by MNG/Digital First as shareholders vote in favor on the company’s current management. MNG had tabled a $12 per share cash offer for Gannett’s share despite widespread skepticism as to whether the company had secured the necessary funds to complete the deal.
The news report marks the end of the hostile proxy fight and is a vote of confidence in Gannett’s management from shareholders despite the issues raised by MNG. It remains to be seen whether Gannett’s management shall successfully execute its digital transformation plan and grow the mass media company’s profits.