RTTNews | Jan 24, 2022 06:51AM EST

06:51 Monday, January 24, 2022 (RTTNews.com) - Lee Enterprises Inc. (LEE) said Monday that it has urged its shareholders to vote for its three director nominees to protect shareholder value. It 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.

The company stated that in November 2021, Alden Global Capital 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.

Lee Enterprises alleged that, 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.

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