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Lee Enterprises, owner of the Missoulian and Roanoke Times, adopts ‘poison pill’ as it weighs Alden offer

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Missoulian

Davenport, Iowa-based Lee Enterprises’ plan would kick in if Alden gets control of 10% or more of Lee’s stock in the next year. At that point, other shareholders could buy shares at a 50% discount or get free shares for every share they already own. Flooding the market with additional shares would dilute the stock, making it more expensive for Alden to acquire a controlling stake. Alden said in a filing Tuesday it owns 6.1% of Lee.

 

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