DAVENPORT, Iowa – Davenport-based newspaper publisher Lee Enterprises is asking its shareholders to help it fight off a hostile takeover offer from New York-based hedge fund Alden Global Capital.
Among Lee’s Iowa properties are 10 newspapers in Iowa including The Quad-City Times, Clarinda Herald-Journal, Sioux City Journal, and the Globe Gazette in Mason City. The publisher owns newspapers in more than 20 states.
Monday, Lee sent a letter to shareholders asking them to support its board nominees in the dispute with Alden.
Alden owns enough stock in Lee that the hedge fund is looking to be able to nominate its own Board of Directors. The two sides are locked in a court battle over the issue.
Lee already rejected Alden’s $24 per share offer because it said the bid grossly undervalues the company.