A hedge fund that is trying to buy newspaper publisher Lee Enterprises has lost a legal battle to prevent the company from using a system that would see two longtime directors reelected at its annual meeting next month.
A hedge fund that is trying to buy newspaper publisher Lee Enterprises has lost a legal battle to prevent the company from using a system that would see two longtime directors reelected at its annual meeting next month.
According to Associated Press, a Delaware judge has rejected a lawsuit filed by Alden Global Capital, which has a USD141 million offer to acquire the business rejected in December.
The New York-based hedge fund already owns more than 200 newspapers but has been criticised for making severe cuts and laying off staff post-acquisition.
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