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Newspaper chain Gannett beats back hostile takeover attempt

By James Langford
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Newspaper chain Gannett beats back hostile takeover attempt

Gannett Co. fended off a hostile takeover by MediaNews Group, which tried to install three directors on the newspaper chain’s board Thursday to push through its $1.36 billion purchase offer.

It was a bid the McLean, Va.-based company’s board rejected three months ago, noting that MediaNews had said it planned to borrow money to pay for the takeover but hadn’t even contacted any potential financiers.

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Media Mergers and Acquisitions