Big buy: MNG Enterprises, which owns one of the largest newspaper groups in the United States, is proposing a takeover of fellow newspaper giant Gannett, a move, The New York Times reports, that would further consolidate a struggling industry. Gannett owns several Louisiana newspapers, including papers in Lafayette, Monroe, Alexandria and Shreveport. In an open letter to Gannett’s board, MNG said it was willing to pay $12 per share in cash, which represents a 23% premium on Gannett’s Friday closing price and values the company at $1.36 billion. Virginia-based Gannett said in a statement that its board would review the unsolicited proposal and told shareholders that “no action needs to be taken” at the moment. Read the full story.
High scores: LSU Health New Orleans School of Nursing is ranked 10th among all nursing schools in the United States and fourth among public nursing schools, according to the Nursing Schools Almanac. The almanac’s research team collected data on more than 3,200 nursing schools and campuses throughout the United States, evaluating each school based on its academic prestige, depth of programs and student success rates after graduating.
Open season: Phillips 66 Partners, Harvest Midstream Company, and PBF Logistics LP announced they have entered into an agreement to jointly develop an oil pipeline system through southeastern Louisiana. The ACE Pipeline System will provide crude oil transportation service from St. James to downstream refining destinations in Belle Chasse, Meraux, and Chalmette. The pipeline system is expected to have an initial throughput capacity of 400,000 barrels per day, with the ability to expand further depending on shipper interest. An open season to test investor interest starts at noon today. Read the full announcement.