Nearly a week after Lee Enterprises rejected Alden Global Capital’s attempt to buy the newspaper publisher, the hedge fund responded Wednesday with a lawsuit accusing Lee’s board of improperly denying shareholders the chance to have a say on the offer.
Lee rejected Alden’s offer to buy the company for $24 a share, or roughly $141 million, last Thursday because the company’s board decided the offer “grossly undervalued” the company.
But Alden argued in its lawsuit that Lee shouldn’t have rejected its offer without even talking to the hedge fund.
Comments
No comments on this item Please log in to comment by clicking here