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Gannett rejects hostile bid

Gannett, the publisher of USA Today and more than 100 other newspapers across nearly three dozen states, rejected a hostile takeover bid from a hedge fund-backed newspaper group Monday, kicking off a battle for shareholder votes to determine the future of the company.

In a statement, Gannett’s board said it had turned down a $1.3 billion buyout offer, or $12 per share, from MNG Enterprises, which is controlled by New York hedge fund Alden Global Capital. It concluded that the “proposal undervalues Gannett and is not in the best interests of Gannett and its shareholders” and called it not “credible.”

Papa John’s names chairman

Struggling pizza company Papa John’s has turned to activist investment firm Starboard Value to help it engineer a turnaround.

Starboard CEO Jeff Smith will become chairman of Papa John’s board. Also named to the board are Anthony Sanfilippo, the former chairman and CEO of Pinnacle Entertainment Inc., and Steve Ritchie, Papa John’s CEO.

DiscoverOrg buys ZoomInfo

Vancouver-based DiscoverOrg said Monday it has bought a rival in Massachusetts, creating a combined company with more than $250 million in annual revenue.

DiscoverOrg and ZoomInfo provide business data to marketers to help them identify sales targets within other companies.

— From staff and wire reports