In a letter to Lee's board of directors on Monday, Alden Global Capital offered $24 a share to purchase the chain, which owns at least 90 publications across 26 states, including the St. Louis Post-Dispatch and the Buffalo News. "Our interest in Lee is a reaffirmation of our substantial commitment to the newspaper industry and our desire to support local newspapers over the long term," Alden wrote in the letter.
The proposal comes just months after Alden purchased the Tribune newspaper chain despite an aggressive public campaign by Tribune journalists who cast an Alden takeover as an apocalyptic outcome for local journalism and begged for alternative buyers. Alden already owned a significant portion of shares in Tribune before it made its move to buy up all of its newspapers. With Lee, Alden owns about 6 percent of shares and appears to be following a similar pattern.