Gannett (GCI) Adopts Poison Pill
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Gannett Adopts Shareholder Rights Plan Designed to Protect its Net Operating Loss Carryforwards and other Tax Assets
April 7, 2020 6:45 AM EDTMCLEAN, Va.--(BUSINESS WIRE)-- Gannett Co., Inc. (Gannett, the Company or we) (NYSE: GCI) announced today that on April 6, 2020, its Board of Directors acted to preserve and protect the Company's valuable income tax net operating loss carryforwards (NOLs) and other tax assets through adoption of a shareholder rights plan in the form of a Section 382 Rights Agreement (Rights Agreement).
Gannett had approximately $435 million of NOLs available as of December 31, 2019, which could be used in certain circumstances to offset Gannetts future federal taxable income. Gannetts Rights Agreement is similar to plans adopted by numerous other... More
