Gannett Co. to Buy Foundation’s Stock: The...

Gannett Co. to Buy Foundation’s Stock: The firm said it will pay $670 million to buy the 10% of its stock owned by the Gannett Foundation, a charitable trust headed by former Gannett Chairman Allen H. Neuharth. The decision comes a year after the foundation said it might sell its 15.9 million shares to the highest bidder, an announcement that prompted speculation that Gannett could become a takeover target. Gannett owns 82 daily newspapers including USA Today. The purchase price amounts to $42.03 per share. The stock closed down $1 at $42.75 in NYSE trading.