x
Breaking News
More () »

Lee Enterprises asks investors to help fight off hedge fund

Lee, which is based in Davenport, Iowa, already rejected Alden Global Capital's offer because it said the $141 million bid grossly undervalues the company.

OMAHA, Neb. —

VIDEO ABOVE: The Capital Gazette and Baltimore Sun purchased by Alden Global Capital 

Newspaper publisher Lee Enterprises is asking its shareholders to help it fight off a hostile takeover offer from “vulture hedge fund” Alden Global Capital.

The publisher of the St. Louis Post-Dispatch, the Buffalo News and dozens of other newspapers, including nearly every daily newspaper in Nebraska, sent a letter to shareholders Monday asking them to support its board nominees in the dispute with Alden. 

Lee, which is based in Davenport, Iowa, already rejected Alden’s $24 per share offer because it said the $141 million bid grossly undervalues Lee, but the two sides are locked in a court battle over whether Alden will be able to nominate its own directors.

RELATED: Alden sues Lee after news publisher rejects its takeover bid

RELATED: Lee Enterprises rejects takeover bid from Alden hedge fund