Lee Enterprises(LEE) Newsfilter·2025-03-26 20:00Core Viewpoint - Lee Enterprises has extended its shareholder rights plan for one year in response to an unsolicited acquisition interest from Hoffmann Family of Companies, ensuring fair treatment for all shareholders during potential takeover discussions [1][2][3]. Group 1: Rights Plan Extension - The Board of Directors unanimously approved the extension of the Rights Plan's expiration date from March 27, 2025, to March 27, 2026 [1][6]. - The Rights Plan was initially adopted in March 2024 to protect against a significant accumulation of shares by a competing digital publishing business [2][3]. - The extension aims to allow shareholders to realize long-term value and ensure fair treatment in any proposed takeover [3][6]. Group 2: Hoffmann's Acquisition Interest - Hoffmann has accumulated approximately 9.8% of Lee's outstanding common stock and expressed interest in acquiring the company [9]. - On March 20, 2025, Hoffmann publicly announced its interest in acquiring Lee but did not specify any acquisition price or material terms [9]. - The Board is open to reviewing any credible acquisition proposals and has offered to enter into a confidentiality agreement with Hoffmann to facilitate discussions [4][5]. Group 3: Company Overview - Lee Enterprises is a major subscription and advertising platform, providing local news and information through daily newspapers and digital products across 72 markets in 25 states [8]. - The company is committed to delivering valuable local news and information to the communities it serves [8].