Kaskela Law LLC is investigating Lee Enterprises, Inc. (“Lee”) (NASDAQ: LEE) on behalf of the company’s shareholders.
On November 22, 2021, Lee disclosed that it had received an unsolicited acquisition proposal from Alden Global Capital, LLC (“Alden”) to acquire the Company at a price of $24.00 per share. Following this news, shares of Lee’s common stock increased in value from $18.73 per share to trade at over $25 per share.
Although Lee’s Board of Directors indicated that it would “carefully review Alden’s proposal to determine the course of action that it believes to be in the best interests of the Company and Lee shareholders,” on November 24, 2021, the Board adopted a Poison Pill “in response” to Alden’s proposal, and then rejected Alden’s proposal.
The investigation seeks to determine whether the company’s officers and/or directors violated the securities laws or breached their fiduciary duties to LEE’s shareholders in their response to Alden’s proposal to acquire Lee at $24 per share.
Lee shareholders are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (888) 715 – 1740, or by completing the information form on this page, to receive additional investigation about this investigation and their legal rights and options.