Gannett, the US parent company of regional publisher Newsquest, has rejected a takeover bid from publishing rival MNG Enterprises.

MNG, also known as Digital First Media, made a cash offer for Gannett of $12 per share on 14 January after building up a 7.5 per cent stake in the publisher, which bought Newsquest in 1999.

In a statement published today, Gannett said that its board had unanimously decided to reject the unsolicited offer after deciding it “undervalues Gannett and is not in the best interests of Gannett and its shareholders”.