AABP Award 728x90

Lee’s stock is now trading at way more than Alden Global Capital’s takeover offer


Poynter: 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.

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