MCLEAN, Va. (AP & WXXI News) Shareholders of USA Today owner Gannett have rebuffed an attempt to overthrow its board.
Gannett, which also owns dozens of other newspapers, (including the Rochester Democrat & Chronicle), says its slate of eight directors had beaten opposing candidates nominated by a media group vying to revive its previously rejected takeover bid for Gannett .
The results were based on a preliminary count of a vote held Thursday at Gannett's annual meeting.
MNG Enterprises, better known as Digital First Media, had been angling to install directors that would support its offer to buy Gannett for $12 per share, or $1.36 billion.
Gannett's board rejected that bid as inadequate in early February, when the company's stock was trading around $11.
On Thursday, Gannett shares fell .12 to $8.75 per share.
