World-Herald, Journal Star Owner Rejects Takeover Bid from Alden Global Capital

Lee Enterprises, a major media company based in Iowa, rejected an unsolicited buyout offer from Alden Global Capital, a hedge fund known for drastically downsizing the newspapers it owns.

In a Thursday morning announcement, Lee’s board chair Mary Junck said Alden’s $141 million proposal “grossly undervalued” the newspaper company and its growing digital business.

“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,” Junck said in a statement.

Last month, Alden Global Capital revealed a proposal to purchase Lee Enterprises and its newspapers at $24 a share, casting alarm through the many newsrooms owned by Lee.

https://nebraskapublicmedia.org/en/news/news-articles/world-herald-journal-star-owner-rejects-takeover-bid-from-alden-global-capital/