Lee’s stock is now trading at way more than Alden Global Capital’s takeover offer
BPC Staff Dec 15, 2021 | 4:10 pm
<1 min read time
103 wordsAll Latest News, Arts and Culture, Insurance, Statewide NewsPoynter: In a surprise development as Alden Global Capital pursues a hostile bid to acquire news publisher Lee Enterprises of Davenport, Lee’s shares have shot up in value in the last week. The stock closed Tuesday at more than $36 a share. Unless the trend reverses, that makes hedge fund Alden’s $24 a share offer a month ago — already rejected by Lee’s board of directors last week — dead in the water. It now seems likely that Lee can remain independent and pursue its growth plans. An alternative scenario would be for Alden or another suitor to offer a much higher price.