Gannett To Evaluate Icahn' Submission On Director Nominees & Precatory Proposals

(RTTNews) - Gannett Co. Inc. (GCI) responded to an amended Form 13D filing by Carl Icahn and affiliates, who own about 6.6% of Gannett, disclosing nomination of two candidates for election to Gannett's Board of Directors at Gannett's 2015 Annual Shareholders' Meeting.

Icahn also disclosed submission of precatory proposals that would require certain corporate governance provisions at Gannett and at the new publishing company that will be formed upon completion of Gannett's planned separation later this year.

Gannett noted that its board will evaluate the submission and make a recommendation to Gannett shareholders in due course.

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.... As we execute on the separation of our publishing business this year, shareholder interests will remain our priority."