Lee Enterprises comments on purported director nominations from Alden

Lee Enterprises, Incorporated today commented on the purported notice submitted by Alden Global Capital, LLC seeking to nominate three candidates to stand for election to Lee’s board of directors at the company’s 2022 Annual Meeting. Lee issued the following statement in response:

“Early last week, Lee promptly and properly denied a request from Alden seeking certain nomination materials because Alden failed to comply with the clear and substantive requirements of Lee’s bylaws. Alden did not subsequently submit a revised request. Instead, late in the afternoon of the company’s Friday, Nov. 26 nomination deadline, Alden submitted a purported notice of nominations.

“Consistent with its fiduciary duties and in consultation with its advisors, Lee’s Board of Directors will carefully review Alden’s purported notice for compliance with the nomination procedures and the information, documentation and other requirements that have been set forth in Lee’s publicly available bylaws for over two years. After completion of its review of Alden’s purported notice, Lee will provide further information to shareholders.”

As previously disclosed, Alden has made an unsolicited non-binding proposal to purchase the company for $24 per share in cash. Lee’s board of directors is carefully reviewing Alden’s proposal to determine the course of action that it believes is in the best interests of the company and Lee shareholders. There is no need for Lee shareholders to take any action at this time.