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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Ben Geman, author of Generate
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Illustration: Sarah Grillo/Axios

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Illustration: Aïda Amer/Axios

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Photo illustration: Aïda Amer/Axios. Getty Images photos: Win McNamee and Saul Loeb/AFP

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