LEE - Newspaper publisher Lee Enterprises adopts poison pill after Alden Global bid

Lee Enterprises (NASDAQ:LEE), which owns newspapers such as the Winston-Salem Journal and the Richmond Times-Dispatch, said its board adopted a limited-duration shareholder rights plan after an unsolicited $24/share buyout offer from hedge fund Alden Global. Under the rights plan, LEE is issuing one right for each share of common stock as of the close of business on Dec. 6, 2021. The rights will become exercisable only if any person or a group acquires 10% (or 20% in the case of certain passive investors), according to a statement. The rights plan has a one-year term, expiring on Nov. 23, 2022 and the board may consider and earlier termination of the plan. "This Rights Plan will provide Lee’s Board and our shareholders with the time needed to properly assess the acquisition proposal without undue pressure while also safeguarding shareholders’ opportunity to realize the long-term value of their investment in Lee," Lee Chairman Mary Junck said

For further details see:

Newspaper publisher Lee Enterprises adopts poison pill after Alden Global bid