This blog has argued that the Gannett Company should have bought Lee Enterprises which owns the Rapid City Journal and 45 other daily newspapers. It was my rant then that Lee Newspapers of Montana would survive as part of a Bismarck Tribune, Rapid City Journal, Casper Star-Trib marriage and not become part of a Gannett takeover.
The board of directors at Lee Enterprises, which owns the Post-Dispatch, on Thursday unanimously rejected a New York hedge fund’s unsolicited offer to buy the company. Lee Chairman Mary Junck said Alden Global Capital’s $24-per-share offer grossly undervalued Lee and failed to recognize the strength of its business, especially its growing digital news platform. “We remain confident in our ability to create significant value as an independent company,” Junck said in a news release. Praetorian President Harris Kupperman, who said in a filing he owns 7.3% of Lee, predicted that if the company’s digital news business continues at its current pace, shares could soon be worth a few hundred dollars each. [Post-Dispatch owner rejects purchase offer from hedge fund Alden]
Rocketship to the moon baby! (Don’t bother looking at long-term returns, none of us are on this planet for too long) pic.twitter.com/7tCPpJ9r50
— David Erickson (@David__Erickson) December 9, 2021
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