DAVENPORT, Iowa (AP) – Newspaper chain Lee Enterprises has adopted a “poison” plan to protect itself from a hostile takeover while it considers an unsolicited offer from hedge fund Alden Global Capital. to buy Lee at $24 a share.
The plan will go into effect if Alden gains control of more than 10% of Lee’s shares within the next year. The Davenport, Iowa-based company said the plan would allow its other shareholders to buy shares at a 50% discount at the time, or could receive free stock for every share they buy. own.
Alden said last week that it owed more than 6% of Lee’s stock.
The plan Lee approved on Wednesday would make it more expensive for Alden to buy back a controlling stake.
https://fox2now.com/news/missouri/owners-of-st-louis-post-dispatch-try-to-ward-off-hostile-takeover-by-alden/ The owners of St. Louis Post-Dispatch tries to avoid a hostile takeover