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Alden Global Capital mounts takeover bid for Iowa-based publisher Lee Enterprises


Poynter: Alden Capital continued its drive to own as much of the American newspaper industry as it can with a bid today to acquire Davenport-based Lee Enterprises, a publicly traded chain of 75 daily newspapers and several hundred other outlets. Alden said its offer of $24 a share represents a 30% premium on Lee’s closing stock price Friday. Lee owns the Quad-City Times; its largest papers include the St. Louis Post-Dispatch and the Omaha World-Herald. Alden acquired Tribune Publishing just this summer, which brought the Chicago Tribune and the he Baltimore Sun into the its fold, which already included the Denver Post. Alden had taken up a 6% position in Lee earlier, a signal of its probable takeover interest.

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