Alden Sues Lee for Rejecting $141 Million Newspaper Buyout
- Hedge fund says investors should have say $24-a-share offer
- Lee’s board says Alden’s offer ‘grossly undervalues’ publisher
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Alden Global Capital, the hedge fund that owns the Chicago Tribune and New York Daily News, has sued the Lee Enterprises newspaper chain for rejecting Alden’s $141 million buyout offer earlier this month.
Directors of Lee Enterprises, which owns the St. Louis Post-Dispatch and other newspapers, improperly denied their shareholders a say in the $24-per-share offer, a unit of New York-based Alden said in the lawsuit filed Tuesday in Delaware state court.