NEW YORK, Aug. 6, 2019 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty and
other violations of law by the Board of Directors of Gannett Co.
Inc. ("Gannett" or the "Company") (NYSE: GCI) in connection
with the proposed merger of the Company with GateHouse Media
Inc. Under the terms of the merger agreement, Gannett
shareholders will be paid $12.06 per
share in cash and stock.
If you own GCI shares and wish to discuss this
investigation or have any questions concerning this notice or your
rights or interests, please contact:
Joshua Rubin,
Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Visit our website
http://www.weisslawllp.com/gannett-co-inc/
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WeissLaw is investigating whether Gannett's
Board acted to maximize shareholder value prior to entering
into the merger agreement. Notably, at least one analyst set
a target price of $15.00 per Gannett
share, or approximately $3.00 more
than the per-share consideration. Additionally, the Company
surpassed earnings estimates in three of the last four
quarters. Gannett's earnings for the second quarter of 2019
were $0.21 per share, more than
double the consensus estimates of $0.10 per share. The Company also announced
improvements in same store operating expenses. According to
Gannett's Vice President and CFO, the Company reported another
quarter of strong cost management, as same store operating expenses
declined 9% year-over-year.
Given these facts, WeissLaw is concentrating its investigation
on whether the merger enhances shareholder value.
Particularly, the merger agreement includes a "no shop" provision
which limits competing bids and prevents Gannett from seeking other
bidders, even imposing a penalty on the Company if it accepts a
better offer. WeissLaw is also concerned whether the proposed
merger undervalues the Company, and whether all material
information related to the proposed merger is fully and fairly
disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com.
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SOURCE WeissLaw LLP