Gannett says Glass Lewis, Egan-Jones recommend vote for director nominees
Gannett announced that Glass Lewis & Co. and Egan-Jones Proxy Services have recommended that Gannett shareholders vote "FOR ALL" of the company's eight director nominees - John Jeffry Louis, John E. Cody, Stephen W. Coll, Donald E. Felsinger, Lila Ibrahim, Lawrence S. Kramer, Debra A. Sandler and Chloe R. Sladden - on the WHITE proxy card ahead of the company's 2019 annual meeting of shareholders to be held on May 16, 2019. In its May 6, 2019 report, Glass Lewis stated that: "In evaluating MNG's proposal to acquire the Company for $12.00 per share, we believe the board has sufficient cause to believe the MNG offer is not sufficiently credible to warrant further discussions between the two parties or to allow MNG to conduct confidential due diligence. We question the sincerity of MNG's bid and have outstanding concerns regarding the shareholder's capacity to obtain financing in order to close the transaction. We agree with the incumbent board that credible evidence of financing should be a prerequisite to further discussions with MNG." In its May 6, 2019 report, Egan-Jones stated that: "In our view, the management slate has the right mix of qualifications, experience and diversity contrary to MNG's slate, which we believe, will not deliver any incremental benefits to the incumbent Board and fell short of independence as evidenced by the affiliation with Alden." The company said, "The recommendations of Glass Lewis and Egan-Jones to vote "FOR ALL" of Gannett's highly engaged, fully independent director nominees send a strong message that we have the right board and strategy in place to drive long-term value creation for all Gannett shareholders. We are pleased that Glass Lewis and Egan-Jones share our belief that the broad and diverse backgrounds, professional experiences and skills of Gannett's eight nominees make them uniquely qualified to continue to oversee Gannett during this critical time of the company's ongoing digital transformation."