May 7 (Reuters) - Gannett Co Inc said on Tuesday proxy advisory firms Glass Lewis & Co and Egan-Jones Proxy Services have recommended shareholders to vote for all its eight director nominees, instead of candidates put forth by MNG Enterprises Inc.
Gannett had early this year rebuffed a $1.36 billion buyout offer from newspaper chain MNG, controlled by hedge fund Alden Global Capital LLC.
Thereafter, MNG has put forth three director nominees for Gannett’s board. Shareholder advisory firm Institutional Shareholder Services Inc last week backed one of the MNG nominees.
“We question the sincerity of MNG’s bid and have outstanding concerns regarding the shareholder’s capacity to obtain financing in order to close the transaction,” Glass Lewis said in a report.
Gannett plans to conduct its annual general meeting on May 16. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel)