Lee Enterprises (LEE) Issues Letter to Shareholders

Lee Enterprises, Incorporated (NASDAQ: LEE) today filed definitive proxy materials with the U.S. Securities & Exchange Commission in connection with its 2022 Annual Meeting to be held on March 10, 2022. All shareholders at the close of business on January 12, 2022 are entitled to vote at the Annual Meeting.

This year’s annual meeting is particularly important because in November 2021, a “vulture hedge fundⁱ,” Alden Global Capital (“Alden”), made a hostile bid to buy Lee for just $24 per share, an offer that grossly undervalues Lee and represents a 33% discount to the Company’s closing stock price as of January 21, 2022. To advance its inadequate, hostile bid, Alden attempted to nominate three hand-selected candidates to replace the members of the Board’s Executive Committee, which includes Lee’s Chairman, CEO and Lead Independent Director.

Lee does not believe Alden properly nominated its candidates, an issue that is pending before a court, but the critical point is this: Lee’s shareholders should want its strong Board leadership to remain in place to ensure any proposal from Alden (or others) is reviewed objectively with an eye on determining what is in the best interest of all Lee shareholders.

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