Alden’s Takeover of Lee Enterprises Blocked for Now

From a story on by Rick Edmonds headlined “Lee’s slate of directors elected, Alden Global Capital takeover attempt blocked for now”:

As expected, Lee Enterprises had its slate of three directors approved for three-year terms Thursday at its annual meeting. That closes at least a chapter in hedge fund Alden Global Capital’s hostile bid to take over the company.

Alden had offered an unsolicited bid in late November at $24 a share. Lee quickly said no, arguing that the bid undervalued the company, which it claims is in the midst of a successful digital transition. Soon after, Lee stock rose to the mid $30s.