The Wall Street Journal Archives | Email alerts

Nov. 24, 2021, 6:08 p.m. EST

Board of Lee newspapers enacts poison pill to fend off Alden takeover bid

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Lee Enterprises Inc. (LEE)
  • X
    Gannett Co. Inc. (GCI)

or Cancel Already have a watchlist? Log In

Benjamin Mullin

Lee Enterprises Inc. said its board has approved a shareholder rights plan, also known as a poison pill, that would prevent hedge fund Alden Global Capital LLC from acquiring more than 10% of the company as it considers Alden’s hostile bid for the newspaper publisher.

The plan will be in effect for a year, the company said Wednesday. Lee Enterprises /zigman2/quotes/205158900/composite LEE +0.40% Chairman Mary Junck said the plan would give the company’s board and its shareholders time to assess the acquisition proposal without undue pressure.

“Consistent with its fiduciary duties, Lee’s Board has taken this action to ensure our shareholders receive fair treatment, full transparency and protection in connection with Alden’s unsolicited proposal to acquire Lee,” Junck said in a statement.

Alden Global on Monday  offered to acquire Lee  in a deal that would value the Davenport, Iowa-based publisher at around $141 million. Alden’s pursuit of Lee is the hedge fund’s third effort to acquire a large local-news publisher in roughly two years,  following a failed bid  to acquire USA Today owner Gannett Co. /zigman2/quotes/202050177/composite GCI +1.46% in 2019 and  a successful move  to purchase New York Daily News and Chicago Tribune owner Tribune Publishing earlier this year.

Alden Global has been criticized by employees of its media properties and industry experts for aggressive cost-cutting, while its executives say the reductions help preserve newspapers.

An expanded version of this report appears on

Also popular on

Store workers to Black Friday shoppers: Don’t blame shortages on us.

Aaron Rodgers says his toe is fractured, a day after referring to his injury as ‘Covid Toe.’

US : U.S.: Nasdaq
$ 14.26
+0.06 +0.40%
Volume: 6,651
June 7, 2023 2:00p
P/E Ratio
Dividend Yield
Market Cap
$85.77 million
Rev. per Employee
$ 2.09
+0.03 +1.46%
Volume: 2.92M
June 7, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$306.95 million
Rev. per Employee

Get news alerts on Lee Enterprises Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.