(RTTNews) - Lee Enterprises Inc. (LEE), a provider of local news and information, confirmed that it has received an unsolicited non-binding proposal from Alden Global Capital LLC to acquire the company for $24.00 per share in cash.
Lee said its board will carefully review Alden's proposal to determine the course of action that it believes is in the best interests of the company and Lee shareholders. There is no need for Lee shareholders to take any action at this time.
LEE closed Monday regular trading at $23.40 up $4.95 or 26.83%. In the after-hours trade, the stock further gained $0.35 or 1.50%.
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