Alden Offer for Lee Looks Dead

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At least for now, the Alden Global Capital offer to buy the Lee Enterprises newspaper chain appears dead.

Lee stock is now trading at $36 per share. Alden’s offer to buy the chain was $24 per share. It doesn’t take a business wiz to see that won’t work.

Alden Global completed a takeover of Tribune Publishing, which includes the Hartford Courant, earlier this year. Lee Enterprises is the largest independently owned newspaper chain in the country.