Alden Global Capital controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
Alden sues Lee over takeover bid and director nominations
Lawsuit filed
Alden Global Capital filed a lawsuit accusing Lee Enterprises' board of denying shareholders a voice regarding Alden's takeover bid. Alden asked the court to order Lee to accept its three director nominees; Lee said Alden's claims were baseless and that it did not think the hedge fund would prevail.
Source excerpt
Alden argued in the lawsuit filed Wednesday that Lee shouldn't have rejected its offer without even talking to the hedge fund. Alden also said Lee shouldn't have refused to accept its nomination of three outside directors for technical reasons and has asked the court to order Lee to accept those nominees.
“As we explained in detail on December 3, Alden’s director nomination notice was clearly invalid and we remain committed to acting in the best interests of all shareholders. Alden’s claims are baseless,” a Lee spokesman said in a prepared statement.
The Alden Global Capital hedge fund stepped up its attempts to buy Lee Enterprises this week, filing a lawsuit that accuses its board of denying shareholders of the newspaper publisher a voice in the matter.