Gannett's Response To Carl Icahn's 'Campaign To Advance His Own Agenda'

Gannett Co., Inc. GCI issued a press release Thursday in response to investor Carl Icahn’s 13D filing, which stated his intention nominate two directors for election to the Board of Directors and bring proposals related to corporate governance at the company’s 2015 stockholder’s meeting.

Marge Magner, non-executive chairman of Gannett’s Board, said, “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 and dictate the corporate governance of a company whose governance profile has yet to be determined. 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. In addition to performing well, Gannett has a strong track record of shareholder engagement and sound corporate governance. As we execute on the separation of our publishing business this year, shareholder interests will remain our priority.”

Gracia Martore, president and chief executive officer of Gannett, said, “Gannett is a shareholder-focused company that has consistently delivered strong returns for our owners. Since the launch of our strategic transformation plan three years ago, we have achieved significant revenue growth and margin expansion. During that same period, we have made attractive acquisitions to execute on our announced strategy, our stock price has more than doubled and total shareholder return has exceeded 265 percent, outpacing the S&P 500 and our peers by a wide margin.”

Carl Icahn and affiliates own approximately 6.6 percent of Gannett.

Shares of Gannett traded at $32.26 in the premarket, up 2.87 percent.