Lee’s stock is now trading at way more than Alden Global Capital’s takeover offer

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Poynter: In a surprise development as Alden Global Capital pursues a hostile bid to acquire news publisher Lee Enterprises of Davenport, Lee’s shares have shot up in value in the last week. The stock closed Tuesday at more than $36 a share. Unless the trend reverses, that makes hedge fund Alden’s $24 a share offer a month ago — already rejected by Lee’s board of directors last week — dead in the water. It now seems likely that Lee can remain independent and pursue its growth plans. An alternative scenario would be for Alden or another suitor to offer a much higher price.