Gannett, the nation’s largest newspaper chain and the publisher of USA Today, rejected a takeover bid by MNG Enterprises, the hedge fund-owned company also known as Digital First Media, on Monday. “After careful review and consideration, conducted in consultation with its financial and legal advisors, the Gannett board concluded that MNG’s unsolicited proposal undervalues Gannett and is not in the best interests of Gannett and its shareholders,” Gannett said in a statement.