New York (CNN Business) A media company led by a hedge fund is making a play to take over Gannett, one of the largest newspaper companies in the United States.

MNG Enterprises, which is also known as Digital First Media, announced Monday that it has proposed to buy Gannett for $12 a share in cash.

MNG is mostly owned by Alden Global Capital, a New York-based hedge fund known for buying distressed properties. It has been investing in newspapers for the last decade. While the newspaper industry has struggled in recent years, critics say MNG cuts deeper than most of its rivals.

MNG's move comes as Gannett is preparing for a leadership transition. Robert Dickey, Gannett's president and CEO, said last month that he plans to retire in May.

In an email to the staff on Monday morning, Dickey confirmed "receipt of an unsolicited proposal from MNG Enterprises" and promised to keep staffers informed about developments. "[B]ut we are business as usual," Dickey said in the email, a copy of which was obtained by CNN Business.

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