Lee Enterprises adopts a poison pill to protect itself from the Alden acquisition

Lee Enterprises Inc. said its board of directors has approved a shareholder rights plan, also known as a poison pill, that would prevent hedge fund Alden Global Capital LLC from acquiring more than 10% of the company as it considers Alden’s hostile bid for the newspaper publisher.

The plan will be valid for one year, the company said on Wednesday. Lee Enterprise’s chairman of the board Mary Junck said the plan would give the company’s board of directors and its shareholders time to assess the acquisition proposal without undue pressure.

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