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Lee Enterprises board rejects Alden Global Capital bid for Auburn Citizen

Lee Enterprises, which owns the Auburn Citizen and several other newspapers, has rejected a purchase offer from a hedge fund known for acquiring papers and making deep cuts.

The Citizen reports Lee’s board has turned down the offer from Alden Global Capital, which had offered $24 per share for Lee stock. Lee Chairman Mary Junck said the offer undervalued the company and said Lee remains confident in its ability create value for its media properties as an independent company.

Alden had hoped to make a quick purchase, saying it could wrap up the deal in a few weeks, but recently, Lee’s stock has risen to above $24, leading to calls for the offer to be increased. Earlier this week, one of Lee’s major investors called the offer “clearly insufficient and opportunistic.”

Lee Enterprises also owns the Buffalo News and the Post-Star in Glens Falls.