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Illinois

Pantagraph owner Lee Enterprises appeals to shareholders in Alden takeover bid

Quad Cities-based newspaper publisher Lee Enterprises is asking its shareholders to help it fight off a hostile takeover offer from what it calls a "vulture hedge fund," Alden Global Capital.

The publisher of the Quad Cities Times, Dispatch-Argus, St. Louis Post-Dispatch, the Bloomington Pantagraph, and dozens of other newspapers, sent a letter to shareholders Monday asking them to support its board nominees in the dispute with Alden.

Lee, which is based in Davenport, has already rejected Alden's offer of $24 per share because it said the $141 million bid grossly undervalues Lee. But the two sides are locked in a court battle over whether Alden will be able to nominate its own directors.

The annual meeting and board election are scheduled for March 10 in Davenport.

Monday afternoon, company shares were trading around $35.

Copyright 2022 WVIK, Quad Cities NPR. To see more, visit WVIK, Quad Cities NPR.

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