Lee Enterprises Inc. said its board had approved a shareholder rights plan, also known as a poison pill, that would prevent hedge fund Alden Global Capital LLC from buying back more than 10% of the company’s shares because it considers Alden is a publisher of hostile newspapers.
The plan will be in effect for a year, the company said on Wednesday. Lee Enterprises
Chairwoman Mary Junck said the plan would give the company’s board and shareholders time to evaluate the takeover proposal without undue pressure.
https://www.marketwatch.com/story/board-of-lee-newspapers-enacts-poison-pill-to-fend-off-alden-takeover-bid-11637795295?rss=1&siteid=rss Lee Press Board Issues Poison to Fight Alden Takeover Bid