In Nebraska, where Lee owns 12 newspapers, Omaha World-Herald News Guild President Todd Cooper said an Alden takeover would harm local, daily news in the state and region. The plan would sell new shares to current stockholders at premium prices, making Alden’s takeover bid more difficult and less attractive. Lee’s board quickly adopted a “poison pill” plan which dilutes shares if Alden begins staging a hostile takeover. The hedge fund offered $24 per Lee share, or roughly $141 million. The hedge fund’s proposal to purchase Lee Enterprises and its many newspapers came in late November, casting alarm through Lee-owned newsrooms. The Policy Research in Missouri Education (PRiME) Center recently published the. Lee Enterprises is headquartered in Davenport, Iowa and owns ten newspapers in the state. STL Post Dispatch reporter Blythe Bernhard wrote an article about the new. Alden is not entitled to invent its own process for its convenience.”Īlden did not immediately respond to a request for comment. “Alden’s failure is entirely of its own making. “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,” a statement from Lee read. Lee said in a statement that Alden made its nominations through a third-party that does not own Lee shares and “failed to meet the most basic and most important requirements,” on the nomination process. During its purchase of Tribune Publishing, the hedge fund slowly gained seats on Tribune’s board as part of its strategy for acquiring control of the company. Gaining seats on the boards of companies it hopes to purchase is a tactic Alden has used in past takeovers. The deadline for nominees to Lee’s board has passed, however, and Lee says Alden will not be able to try again. The nominees would have been considered at the company’s 2022 quarterly meeting next Thursday. Louis Post Dispatch, the Omaha World-Herald and many other daily newspapers throughout the region, is staving off a takeover attempt by Alden Global Capital, a New-York based hedge fund.Īlden is infamous for slashing jobs at the newspapers it purchases, among other cost-saving measures. On Friday, Lee rejected a trio of nominees Alden Global Capital nominated to its board of directors, claiming the nominations are invalid due to an error Alden made in the filing process that violated the board’s by-laws. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |