By William Turvill
The board of Lee Enterprises has rejected a $140m takeover offer from Alden Global Capital, saying the proposal “grossly undervalues” the business.
Alden, a hedge fund that already owns Tribune Publishing and MediaNews Group, announced its $24-per-share offer on 22 November (see full coverage below).
“The Alden proposal grossly undervalues Lee and fails to recognize the strength of our business today, as the fastest-growing digital subscription platform in local media, and our compelling future prospects,” Lee chairman Mary Junck said in a statement today. “We remain confident in our ability to create significant value as an independent company and are focused on our Three Pillar Digital Growth Strategy, detailed earlier this year. We have demonstrated accelerating momentum across our platforms as we execute our plan.”
Separately, Lee – which had local news brands in more than 70 US markets – reported its fourth-quarter results today. The company now reports having 402,000 digital-only subscribers, up from 337,000 in June.
Source: Statement
Deal value: $142m
Country: US
Status: Official
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