Lee Enterprises Inc. mentioned its board has authorized a shareholder rights plan, often known as a poison capsule, that might forestall hedge fund Alden World Capital LLC from buying greater than 10% of the corporate because it considers Alden’s hostile bid for the newspaper writer.
The plan will likely be in impact for a yr, the corporate mentioned Wednesday. Lee Enterprises Chairman Mary Junck mentioned the plan would give the corporate’s board and its shareholders time to evaluate the acquisition proposal with out undue strain.
