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Sard Verbinnen & Co. handles Lee Enterprises as it rejects a $141M takeover bid from Alden Global Capital, which has earned a reputation for squeezing its newspaper holdings.
Lee's board has determined that Alden's $24-per-share cash offering "grossly undervalues" the company.
Shares of the Davenport, IA-based owner of The Buffalo News, St. Louis Post-Dispatch and Omaha World-Herald have traded in a $36.51-$10.20 range during the past 52 weeks.
CEO Mary Junck said Alden's proposal "fails to recognize the strength of our business today as the fastest-growing digital subscription platform in local media and our compelling future prospects."
Lee's revenues grew 28.6 percent to $794.6M during fiscal 2021 ended Sept. 26. It earned $24.3M vs. a $1.3M year-ago loss.
Lee's newspapers, weekly and specialty publications serve 77 markets in 26 states and reach more than 47M unique visitors each month.
Alden Capital, the No. 2 newspaper company in the US, owns the Chicago Tribune, Denver Post, Boston Herald and Mercury News.
Sard Verbinnen & Co.'s Jamie Tully and Jenny Gore represent Lee Enterprises.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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