MNG's tactic to show a financing letter from Oaktree to advance its hostile bid for publisher Gannett is unconvincing and unconventional. jennifersaba
MNG Enterprises said on March 20 it had received a letter from Oaktree Capital Management saying the investment firm was “highly confident” in the newspaper publisher’s ability to attain a debt financing package worth $1.7 billion in connection with its proposal to buy Gannett. MNG made an unsolicited offer to buy Gannett for $12 a share on Jan. 14.
Gannett has rebuffed the offer. The publisher of USA Today said in a statement the letter was “highly conditional” and that Oaktree did not indicate it would arrange financing.
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