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Traders work at the New York Stock Exchange, Tuesday, Dec. 11, 2018, in New York. Stock markets around the world spiked higher Tuesday after Wall Street rebounded amid hopes the U.S. and China are back negotiating over their trade dispute. (AP Photo/Mark Lennihan) ORG XMIT: NYML106

Newspaper chain MNG Enterprises said on Monday it had offered to buy Gannett Co., publisher of five Louisiana newspapers and others around the country, in a deal valued at $1.36 billion, Reuters reported Monday morning.

MNG, also known as Digital First Media, said it will offer $12 per Gannett share, representing a premium of 23 percent to the company’s close on Friday.

Gannett, whose shares rose 20 percent to $11.70 in trading before the bell, said it will review the proposal. MNG, which is owned by hedge fund group Alden Global Capital, also owns the Denver Post, San Jose Mercury News and Boston Herald. 

Gannett owns the Lafayette Daily Advertiser, Opelousas Daily World, Alexandria Daily Town Talk, Monroe News-Star and Shreveport Times.

Acadiana Business Today: Media company makes offer to buy parent company of 5 Louisiana newspapers; Three more hotels planned for Lafayette

Follow Adam Daigle on Twitter, @adamdaigleAdv.