Alden Global Capital, the New York-based hedge fund known for gutting newsrooms, is in a bid to buy Lee Enterprises.
As per reports, in a letter to Lee shareholders, Alden proposed acquiring the company for $24 per share, which it said represents approximately 30 percent premium on Lee’s closing stock price of $18.49 last Friday. The hedge fund further added that an affiliate entity also owns about 6 percent of Lee’s stocks.
Lee’s papers include the St. Louis Post-Dispatch, The Buffalo News in New York, the Roanoke Times in Virginia, and Kenosha News in Wisconsin.
However, word of the proposal has caused concern among local news workers.
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