DAILY Echo publisher NEWSCOM has rejected an approach from American publishing group Gannett.
The American-owned group which bought up rival UK regional newspaper group Newsquest earlier this year in a £900 million deal, said that it was seeking permission from the Department of Trade and Industry, to make a bid for the entire share capital of NEWSCOM, parent company of the Daily Echo.
In a statement NEWSCOM confirmed it had received an unsolicited approach from Gannett last month.
But the board had unanimously decided that the price put forward was unrealistic and significantly undervalued NEWSCOM.
Directors advised NEWSCOM shareholders to take no action.
NEWSCOM is the UK's seventh biggest regional newspaper publisher in Britain.
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