Buffalo News-owner Lee Enterprises climbs as Alden Global to take co private

Lee Enterprises

22/11/2021 19:29

** Shares of local news provider  LEE.O  up 23.9% at $22.86,
set for their best day since Jan 29, 2020 
    ** New-York-based hedge fund Alden Global Capital LLC
proposes to take company private for $24/shr  urn:newsml:reuters.com:*:nBw5GxCqYa
    ** Offer values Buffalo News-owner at $141.34 mln; Alden's
affiliated entity Mng Enterprises already owns 5.9% stake in LEE
    ** Alden does not believe any material regulatory issues
would inhibit the completion of deal in a timely manner and
expects to complete work, including negotiation of definitive
documentation in about four weeks
    ** Earlier this year, Alden took full control of Tribune's
newspapers such as the Chicago Tribune, the New York Daily News,
the Baltimore Sun; also owns the Denver Post, the Mercury News,
the Orange County Register and the Boston Herald.  urn:newsml:reuters.com:*:nL3N2N841Q
    ** LEE is the publisher of 350 weekly and specialty
publications, including the Buffalo News, the Richmond
Times-Dispatch and the Omaha World-Herald   
    ** About 1 mln shares have traded so far, ~3,752.2% of their
30-DMA vol
    ** Shares up 46.4% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))