Gannett's single-biggest investor, AXA Financial and affiliates, own 30.8 million shares -- up 33% from May 31 -- the big money manager said today in a new U.S. Securities and Exchange Commission filing. Its Form 13G/A report follows a similar one yesterday from No. 2 stockholder Brandes Investment Partners.The new filing shows most of the shares continue to be controlled on behalf of clients of AXA's biggest unit, institutional investor AllianceBernstein. AXA did not reveal how much it paid for the additional 7.6 million shares it bought since the end of May. Gannett's stock has dived 72% since then, however.
Shares, closing stock prices, and values on these dates:
May 31, 2008
Shares under control: 23.2 million
Stock price: $28.81
Value: $668 million
Dec. 31, 2008
Shares: 30.8 million
Stock price: $8.00
Value: $247 million
AXA doesn't reveal the overall proportion of Gannett shares it owns. But it appears to be about 14%, based on the 228 million outstanding as of Sept. 28. Combined, then, AXA and Brandes now control more than 24% of the company.
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It would be interesting to know what specific defensive actions GCI's board has taken in the past couple of years in anticipation of a possible takeover to protect itself, employees and/or stockholders.
ReplyDeleteAre there currently any vulnerabilities (particularly financial in nature) for any of the groups identfied above?
Maybe the upcoming shareholder meeting would be a good forum to pose these questions to the CEO, etc.
AXA and Brandes combined are receiving almost $90 million a year in dividends at current dividend rate.
ReplyDeleteYou think they have an opinion on the future of the GCI dividend? And have expressed it to the board?