=Gannett (GCI): Hedge fund-backed MNG Enterprises offers to buy the USA Today publisher for $12 per share

Newspaper chain MNG Enterprises said on Monday it had offered to buy USA Today publisher Gannett for $12 per share in cash, or $1.36 billion.

The price represents a 23 percent premium to Gannett's $9.75 close on Friday.

In a letter sent to Gannett's board, MNG said it had approached the company's board and management on multiple occasions about a potential combination, but Gannett had not "meaningfully engaged."

MNG, which has a 7.5 percent stake in Gannett, said it plans to hire an investment bank to conduct a review of options, including a potential sale of Gannett.

Better known as Digital First Media, MNG Enterprises is backed by hedge fund Alden Global Capital (founded in 2007; www.aldenglobal.com) and is the publisher of the Denver Post and San Jose Mercury News.

Gannett, which owns newspapers and websites across the United States, has been doing its best to transition away from legacy newsprint to digital subscriptions.

=Gannett (GCI) has terminated discussions to acquire tronc (TRNC)

Gannett (GCI) confirmed that the company has been engaged in discussions with tronc, Inc., regarding a potential transaction and has determined not to pursue an acquisition of tronc.

tronc comments on Gannett's (GCI) withdrawal of its proposal due to inability to finance (TRNC) :

"We were informed early this morning that Gannett has decided to abruptly terminate discussions regarding a potential business combination with tronc. As noted previously, tronc had serious doubts about Gannett's ability to finance a transaction that was in the best interest of tronc's shareholders and other stakeholders. Nonetheless, over the past several months, the tronc Board, management team and their advisors engaged in substantive discussions and due diligence with Gannett regarding a potential transaction, with an unwavering focus on creating value for tronc shareholders. The parties agreed to a purchase price in mid-September and subsequently worked to finalize a Merger Agreement. Last week, Gannett informed tronc that its financing encountered an unexpected delay. It is unfortunate that Gannett's lenders made their decision to terminate their role in the transaction without the benefit of tronc's third quarter financials or any future projections. tronc remained a constructive partner to Gannett as it sought to complete its financing for the agreed upon purchase price, however, Gannett was unable to do so and terminated discussions.