By Press Gazette
Local news publisher Lee Enterprises has responded defensively to Alden Global Capital’s takeover proposal.
Following Alden’s unsolicited $142m offer on Monday, the board of Lee Enterprises today said it had enacted a shareholder rights plan.
Known to financiers as a “poison pill”, the move effectively blocks Alden from acquiring more than 10% of Lee’s shares while the company considers its offer. The plan expires in one year.
Lee’s chairman, Mary Junck, said the decision had been taken to “ensure our shareholders receive fair treatment, full transparency and protection in connection with Alden’s unsolicited proposal to acquire Lee.
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