As Alden seeks seats on Lee Enterprises' board, Lee unions urge the board to reject Alden's takeover
Alden Global Capital has played another card in its campaign to take over Lee Enterprises. On Friday, the hedge fund nominated a slate of three directors for seats on Lee’s eight-person board.
In a press release Monday, Lee described these as “purported” nominations and said it would see whether proper procedures were followed. If so, they would be considered at the company’s 2022 annual meeting.
Alden offered a bid of $24 a share a week ago, $5.50 per share more than the company’s trading value at market close Nov. 19. Lee rebuffed the offer, saying its directors will consider it over the next year, while putting in a “poison pill” aimed at blocking Alden from buying more than 10% of the company’s shares.
Alden gained seats on the board of Tribune Publishing over a period of 18 months as part of its strategy for acquiring control of that company, which it completed this summer.
Read more: https://www.poynter.org/business-work/2021/hedge-fund-alden-seeks-seats-on-lee-enterprises-board/
Among the major brands in the Lee Enterprises chain are the following:
Omaha World-Herald
Buffalo News
Richmond-Times Dispatch
St. Louis Post-Dispatch
A complete list of their brands is at https://lee.net/markets/ .