Lee Enterprises Adopts Shareholder Rights Plan

- Advertisement -


By Maria Armental
- Advertisement -

Lee Enterprises Inc on Wednesday took steps to protect itself from a takeover by New York hedge fund Alden Global Capital LLC by taking a so-called poison pill.

- Advertisement -

The shareholder rights plan, which was adopted unanimously by Lee’s board and went into effect immediately, comes two days after Alden proposed to take the company private in a deal that would value the media company at approximately $141 million. The plan will expire in one year, unless the company terminates it earlier. Lee’s publications include the St. Louis Post-Dispatch in Tucson and the Arizona Daily Star.

“This rights plan will provide Lee’s board and our shareholders with the necessary time to properly assess the takeover proposal without undue pressure, as well as to realize the long-term value of their investment in Lee,” Lee’s chairman said in a statement. It will also protect the opportunity of shareholders for Mary Junk.

- Advertisement -

Lee’s board pointed to Alden’s track record of “quickly obtaining substantial controlling or ‘negative controlling’ positions in other public companies and its filings with the U.S. Securities and Exchange Commission (“SEC”) on Schedule 13Ds and Form 13F. Informed of the inconsistent disclosure filed with. Alleged ownership of Lee’s shares.”

Write to Maria Armental at [email protected]

-0-

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox