By William Turvill
Alden Global Capital has been rebuffed in its attempts to nominate three directors to the board of Lee Enterprises, the local news business it wants to acquire.
In a statement today, Lee said that Alden’s proposal – to have the directors voted on by shareholders at its annual meeting – “did not meet several essential requirements” of its company bylaws and is therefore “invalid”.
Lee said in a statement: “Alden’s hasty and convoluted attempt to work around our simple and common procedure on the eve of the nomination deadline does not meet the clear requirements of Lee’s bylaws. Alden’s failure is entirely of its own making. Alden is not entitled to invent its own process for its convenience.”
Alden is in the process of attempting to buy Lee Enterprises. The hedge fund, which already owns Tribune Publishing and MediaNews Group, announced a bid worth roughly $140m last week. Lee responded defensively by enacting a shareholder rights plan that prevents Alden from building up a stake of more than 10% in the business for one year.
Source: Statement
Deal value: $142m
Country: US
Status: Official
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