Lee Enterprises Inc. said a house has authorized a shareholder rights plan, also famous as a poison pill, that would forestall sidestep account Alden Global Capital LLC from appropriation some-more than 10% of a association as it considers Alden’s antagonistic bid for a journal publisher.
The devise will be in outcome for a year, a association pronounced Wednesday. Lee Enterprises
LEE,
+0.83%
Chairman Mary Junck pronounced a devise would give a company’s house and a shareholders time to consider a merger offer but undue pressure.
“Consistent with a fiduciary duties, Lee’s Board has taken this movement to safeguard a shareholders accept satisfactory treatment, full clarity and insurance in tie with Alden’s unsolicited offer to acquire Lee,” Junck pronounced in a statement.
Alden Global on Monday offered to acquire Lee in a understanding that would value a Davenport, Iowa-based publisher during around $141 million. Alden’s office of Lee is a sidestep fund’s third bid to acquire a vast local-news publisher in roughly dual years, following a unsuccessful bid to acquire USA Today owners Gannett Co.
GCI,
in 2019 and a successful move to squeeze New York Daily News and Chicago Tribune owners Tribune Publishing progressing this year.
Alden Global has been criticized by employees of a media properties and attention experts for assertive cost-cutting, while a executives contend a reductions assistance safety newspapers.
An stretched chronicle of this news appears on WSJ.com.
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