Gannett UK Limited, a wholly owned subsidiary of Gannett Co Inc, has announced a cash offer for the entire issued and to be issued share capital of Newsquest plc.
The offer, 460p in cash for each Newsquest share, valuing the Newsquest issued share capital at £904 million, has been sent to Newsquest's shareholders. Gannett will also assume or retire Newsquest's existing debt.
Gannett, which is based in Virginia, USA, and which employs approximately 39,000 people worldwide, is a diversified news and information company which publishes 74 daily newspapers, including USA Today, and is the USA's largest newspaper group in terms of circulation. It also operates 21 television stations, and operates cable television systems in three states in the USA.
Jim Brown, executive chairman of Newsquest, said: ''Gannett is a major media company and the prospect of Newsquest becoming part of Gannett represents a great opportunity for Newsquest and its employees.''
Gannett's editorial policy is to have newspapers that seek excellence in reporting on issues that concern their communities, in reaching diverse readers, and in delivering newspapers of consistently high quality
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