Lee Enterprises tries to ward off hostile takeover by Alden
Associated Press: The Lee Enterprises newspaper chain has adopted a “poison-pill” plan to protect itself from a hostile takeover while the company’s board considers an unsolicited offer from hedge fund Alden Global Capital. The shareholder rights plan would take effect if Alden gets control of more than 10% of Lee’s stock any time in the next year. The Davenport, Iowa-based company said the plan would allow its other shareholders to buy shares at a 50% discount at that point or possibly get free shares for every share they already own.
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