LEE - Lee Enterprises surges after bidder Alden Global sues over rebuffed takeover bid

Lee Enterprises (NASDAQ:LEE) jumped 12% yesterday after hedge fund Alden Global sued the newspaper publisher over its rejected bid last month. LEE ticked down slightly in premarket trading. "Lee’s stockholder-unfriendly staggered board has exhibited all of the symptoms of severely entrenched leadership focused more on its own power than what’s best for the company — including adoption of unusual and improper bylaws designed to impede stockholder nominations to fill board seats, which the board has now used to purportedly invalidate the nomination of three independent directors, as well as an outright rejection of Alden’s offer without any attempt to engage," Alden Global said in a 13/D filing. The Alden suit comes after Lee rejected a $24/share offer from the hedge fund bidder earlier this month, saying that the offer undervalued the newspaper publisher. Lee last month also adopted a poison pill after the initial offer from Alden. Alden Global filed the lawsuit yesterday

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Lee Enterprises surges after bidder Alden Global sues over rebuffed takeover bid