Lee's Board To Review Alden's Purported Notice - Quick Facts

(RTTNews) - Lee Enterprises, Incorporated (LEE) issued a statement on the notice submitted by Alden Global Capital, LLC seeking to nominate three candidates to stand for election to Lee's Board. Lee Enterprises said, after completion of its review of Alden's purported notice, it will provide further information to shareholders.

"Early last week, Lee promptly and properly denied a request from Alden seeking certain nomination materials because Alden failed to comply with the clear and substantive requirements of Lee's bylaws. Alden did not subsequently submit a revised request. Instead, Alden submitted a purported notice of nominations," Lee Enterprises stated.

It was previously disclosed that Alden has made an unsolicited non-binding proposal to purchase Lee Enterprises for $24.00 per share in cash. Lee's Board is reviewing Alden's proposal.