MILWAUKEE, Aug. 5, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating Gannett (GCI) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Gannett to New Media.
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Ademi & O'Reilly, LLP alleges Gannett's financial outlook is improving and yet shareholders will receive only the equivalent of $12.06 for each share of Gannett common stock they own. New Media is acquiring Gannett at a substantial discount. The merger agreement unreasonably limits competing bids for Gannett by prohibiting solicitation of further bids, and imposing a termination penalty if Gannett accepts a superior bid. Gannett insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Gannett's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Gannett.
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