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GCI

Gannett

$9.74

0.05 (0.52%)

06:18
01/14/19
01/14
06:18
01/14/19
06:18

MNG Enterprises proposes to acquire Gannett for $12.00 per share in cash

MNG Enterprises announced that its board of directors has sent a letter proposing to acquire Gannett for $12.00 per share in cash. The proposed transaction would represent a cash premium of 41% to the Gannett stock price as of December 31, 2018, and MNG has asked Gannett to enter into discussions with MNG immediately about a strategic combination. MNG also requested that Gannett immediately commence a review of strategic alternatives to maximize shareholder value, commit to a moratorium on the acquisition of any additional digital assets, and commit to a feasible, strategic and financial path forward before hiring a new CEO. In the letter, MNG notes that the team leading Gannett has not demonstrated that it is capable of effectively running it as a public company, with the stock having lost 41% of its value since its debut as a public company two and a half years ago. MNG also notes in the letter that its interest in Gannett is a reaffirmation of its commitment to the newspaper industry and its desire to grow its newspaper business over the long term. Reference Link

GCI Gannett
$9.74

0.05 (0.52%)

07/06/18
07/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Arbutus Biopharma (ABUS) downgraded to Neutral from Buy at B. Riley FBR with analyst Madhu Kumar citing valuation following the stock's recent rally. 2. Gannett (GCI) downgraded to Underweight from Neutral at JPMorgan with analyst Alexia Quadrani saying she expects ongoing secular concerns in the print marketplace to bring further volatility. 3. L'Oreal (LRLCY) downgraded to Hold from Buy at Deutsche Bank with analyst Eva Quiroga stating that following the stock's outperformance, she sees "limited incremental upside at best" from current share levels. 4. Carnival (CCL) downgraded to Hold from Buy at Argus with analyst John Staszak saying the company is faced with near-term challenges such as more difficult prior-year comparisons, soft advance bookings, higher fuel costs, and adverse FX rates. 5. Preferred Bank (PFBC) downgraded to Equal Weight from Overweight at Stephens with analyst Tyler Stafford citing valuation, noting that the stock now trades in-line with its peer group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/06/18
JPMS
07/06/18
DOWNGRADE
Target $10
JPMS
Underweight
JPMorgan downgrades Gannett to Underweight on secular print concerns
JPMorgan analyst Alexia Quadrani downgraded Gannett to Underweight from Neutral with an unchanged price target of $10, implying 8% downside from current share levels. Shares have been relatively stable despite ongoing concerns regarding print circulation and advertising trends, Quadrani tells investors in a research note. The analyst, however, remains concerned about the outlook for both print circulation and advertising in an environment with rising newsprint costs. She thinks Gannett's print business will continue to weigh on growth, leading to declines in both revenue and EBITDA in fiscal 2018. As such, Quadrani believes the stock will remain an underperformer.
07/06/18
JPMS
07/06/18
DOWNGRADE
Target $10
JPMS
Underweight
Gannett downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani downgraded Gannett to Underweight with a $10 price target. The analyst expects ongoing secular concerns in the print marketplace to bring further volatility.

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ENLC

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FDX

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ENLK

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MKL

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NILSY

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JNJ

Johnson & Johnson

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1.54 (1.19%)

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FOMX

Foamix

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