Gannett Adopts Shareholder Rights Plan - Quick Facts

(RTTNews) - Gannett Co., Inc. (GCI) said its Board has adopted shareholder rights plan to protect its net operating loss carryforwards and other tax assets. The company had approximately $435 million of NOLs available as of December 31, 2019, which could be used in certain circumstances to offset future federal taxable income.

Under the rights agreement, the Board declared a non-taxable dividend of one preferred share purchase right for each outstanding share of common stock. The rights will be exercisable only if a person or group acquires 4.99% or more of Gannett's common stock.