Gannett's Corporate Governance Profile Appeases Carl Icahn

Gannett Co. said activist investor Carl Icahn, who owns 6.6% of media company's outstanding shares, has withdrawn all of his previous nominations for the board of directors and proxy proposals. That announcement comes as the company reveals details of its corporate governance profile of the independent, publicly-traded publishing company that it is planning to spin off later his year. As part of the profile, any shareholder rights plan adopted will expire after 135 days unless extended by a majority of shareholders. Icahn had released a letter in January expressing concerns that Gannett might adopt corporate governance structures that would make a sale of either business more difficult. Icahn owned through his investment vehicle, Icahn Associates, about 15 million shares of Gannett as of Dec. 31, or 6.6% of the shares outstanding, according to FactSet. Gannett's stock,.which wasn't active in premarket trade, has gained 7% in the past three months, compared with a 1.8% rise in the S&P 500.