Documents filed Thursday with the Securities and Exchange Commission indicate that Gannett Co., owner of the Springfield News-Leader, might be preparing for a sale.
A post on a Wall Street Journal blog had this to say:
Tuesday, the newspaper publisher amended several of its employee compensation plans with an eye toward a possible acquisition of the company. As the filing details, in the event of a change in control of the company, certain deferred compensation payments would be accelerated. The amendments also would prevent retirement-plan changes brought on by any merger deal that would reduce benefits to employees.
The filing says, "The plans and agreements were also amended, among other things, to clarify the definition of change in control by specifying the ownership level at which employees would not be deemed to be participating in a management buyout." Emphasis added because that makes Deal Journal wonder whether a possible management buyout of the company is in the cards.
Gannett stock has fallen 23% this year, giving it a market cap of $11 billion, so it could be seen by some as a bargain. (In fact, the stock is trading near a 10-year low, according to this posting from footnoted.org, which earlier spotted the new language.)
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