Alden Global-backed MNG Enterprises to acquire Gannett in a $1.36bn deal.

Newspaper chain MNG Enterprises, also known as Digital First Media, made an offer to buy USA Today publisher Gannett for $12 per share. The reported price represents 23% premium to Gannett’s $9.75 close. MNG Enterprises, backed by Alden Global Capital, has already built a 7.5% stake in Gannett and plans to publicly push Gannett to sell itself. MNG Enterprises has approached Gannett about a deal several times in the past few years, but has been rebuffed. It is unclear if Gannett will be interested this time. Gannett, whose shares rose 20% to $11.70 in trading before the bell, said it will review the proposal. MNG said it could also ask for changes to Gannett’s board composition. The company is also in the middle of finding a successor for its current Chief Executive Officer Robert Dickey, who is slated to retire in May this year.