Lee Enterprises (LEE) said Wednesday that its board approved an amendment to extend the expiration date of existing shareholder rights plans by one year until March 27, 2026.
The board, in consultation with its legal advisers, decided to extend the poison pill following an unsolicited expression of interest by the Hoffman Family of Companies, according to the company.
Hoffmann has accumulated a 9.8% ownership stake in Lee and now plans to buy the company outright. The newspaper firm is open to considering offers, but they need to be in the best interests of all shareholders with an appropriate premium for that takeover, Lee said.
Lee adopted the poison pill last year after a shareholder acquired a significant number of Lee common shares. That shareholder controlled a digital publishing business that sought to compete with Lee subsidiary Blox Digital.
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