The Gannett-USA Today headquarters in McLean, Virginia. Photo: Paul J. Richards/AFP/Getty Images

Local media conglomerate Gannett Co. rejected a takeover bid from MNG Enterprises, which does business as Digital First Media, on Monday, saying in a statement that the proposal undervalues the company and "is not credible."

Details: In January, Digital First Media offered to buy Gannett for $12 a share in cash, a 23% premium above its most recent closing price at the time. At the time, experts worried the deal could have throttled an already dwindling quality of local news in the U.S. MNG blasted Gannett's decision, saying it has "no credible plan to attain a $12 per share valuation on its own" while Gannett said it is still open to selective acquisitions that "appropriately [value]" the company.

Go deeper: Study: Loss of local newspapers fuels polarization

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 1:30 p.m. ET: 11,679,808 — Total deaths: 539,764 — Total recoveries — 6,348,785Map.
  2. U.S.: Total confirmed cases as of 1:30 p.m. ET: 2,953,423 — Total deaths: 130,546 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. States: Arizona reports record 117 deaths in 24 hours.
  4. Public health: Trump administration invests $2 billion for drug treatments.
  5. Business: Breaking down the PPP disclosure debacle
  6. World: Brazil's President Bolsonaro tests positive— India reports third-highest case count in the world.

Mary Trump book: How she leaked Trump financials to NYT

Simon & Schuster

In her new memoir, President Trump's niece reveals how she leaked hordes of confidential Trump family financial documents to the New York Times in an effort to expose her uncle, whom she portrays as a dangerous sociopath.

Why it matters: Trump was furious when he found out recently that Mary Trump, a trained psychologist, would be publishing a tell-all memoir. And Trump's younger brother, Robert, tried and failed to block the publication of "Too Much and Never Enough: How My Family Created the World's Most Dangerous Man."

3 hours ago - World

Brazil's Bolsonaro tests positive for coronavirus

Photo: Andre Borges/NurPhoto via Getty Images

Brazilian President Jair Bolsonaro announced Tuesday that he tested positive for coronavirus.

Why it matters: Brazil's coronavirus outbreak is one of the largest in the world, topped only by the U.S., and Bolsonaro has long downplayed the effects of the virus, pushing businesses to reopen over the last few months in order to jumpstart the country's economy.