MNG owns approximately 200 publications, including the Denver Post and San Jose Mercury News. Backed by hedge fund Alden Global Capital, the company told Gannett last month that Gannett's executives had made "value-destroying" decisions. MNG urged the board to sell the company, including USA Today and more than 100 outlets, for $12 per share. The offer was about 23 percent higher than what Gannett's stock was trading for at the time and about 41 percent above the 2018 closing price.