Board of Lee newspapers enacts poison pill to fend off Alden takeover bid

Board of Lee newspapers enacts poison pill to fend off Alden takeover bid
Board of Lee newspapers enacts poison pill to fend off


Lee Enterprises Inc. said its board has approved a shareholder rights plan, also known as a poison pill, that would prevent hedge fund Alden Global Capital LLC from acquiring more than 10% of the company as it considers Alden’s hostile bid for the newspaper publisher. The plan will be in effect for a year, the company said Wednesday. Lee Enterprises
LEE,
+0.83%
Chairman Mary Junck said the plan would give the company’s board and its shareholders time to assess the acquisition proposal without undue pressure.



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