Running Lee Enterprises thread

Which is why I think this deal does not go through.

 

Money triumphs over all, and Lee shareholder approval is a certainty. I doubt the FTC will get involved on anti-competitive grounds as Uncle Joe is no media lover.

 

You assume that Lee Alden has the money. They tried to buy Gannett and were unsuccessful because the board of Gannett kept asking to see the cash. All Alden could provide was a letter from some Wall Street firm saying they were "highly confident" that Alden could find the cash. So the Gannett board sold to Gatehouse, who had the necessary cash..

But the big stumbling block is Warren Buffett. He holds the debt and leases the BNI real estate to Lee. If he has covenants in the debt agreement allowing him to approve change of ownership (why would he not?) then he can blow it up.

My guess is that no newspaper merger would be entirely blown up by DOJ. They might force a couple of divestures in any overlapping markets.

 

Mary Junk to the rescue. Lee Enterprises Enacts Poison Pill to Guard Against Alden Takeover

 

Only lasts a year. And fuck Mary Junck.

 

If Alden offers to give Mary big bonuses for doing nothing every year, she'll push to get the deal approved ...

 

So, it's like every other deal involving Lee?

 

Did I read that Lee stock was up to $24 a share? It was down to something like 50 cents a while ago.

Lee stock was great in the 1970s-1990s. You could buy it at 85% of market value, it paid a good dividend, would hover in the 20s and 30s and then split when it got to 40. Provided the money for the down payment and new roof for my house, and some other projects.

But I'm so glad I sold it all before it really tanked.

And yes, f*** Mary Junck with a rusty pica pole.

 

Alden's like ISIS banging on the doors of an art museum.

 

Lee just did a reverse 110 to i stock split to bump up the price. So 100 shares turned into 10. Normally a company would adjust the stock options of the executives also. Otherwise the executives would et a windfall.

 

Heath Freeman says he’s way better than Gordon Gekko.