Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Gannett Says Carl Icahn Wants To “Advance His Own Agenda” With Proxy Threat

Carl Icahn YouTube

Carl Icahn is at it again, this time with Gannett, which he wants to split up into a newspaper unit, which includes USA Today and its broadcast operations, and has made two board nominees to ensure this happens, according to NYT’s Dealbook. Icahn insists that a split up is the right thing to do for shareholders. Icahn, who has a stake in Gannett, is trying to forestall a so-called “poison pill” strategy whereby management tries to prevent a takeover. Icahn has stipulated that before such a shareholder rights plan is adopted, there must be a consent of the majority of shareholders and special meeting held so the strategy can be discussed.

Icahn has nominated Michael Dornemann, former chairman of Bertelsmann Entertainment and Courtney Mather from Goldman Sachs. If Gannett splits up, Icahn wrote that he “would not be surprised if either company became the target of a takeover attempt.” If that should happen, Icahn wrote, “the shareholders—the true owners of the company–should have the full right to decide whether or not they accept the offer.”

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Gannett’s board had strong words for Carl Icahn. Marge Magner, non-executive chair of Gannett’s board, said, according to BenZinga, “We are surprised by Mr. Icahn’s aggressive actions, including his threat to run a proxy contest to force wholesale changes in Gannett’s corporate governance … his overreaching campaign to advance his own agenda will not deter the Board of Gannett from continuing to serve the interests of all of our shareholders.”

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.