20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine." A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Lee Enterprises, Inc. (NASDAQ:LEE) has rejected the unsolicited offer by hedge fund Alden Global Capital, LLC to purchase the newspaper publishing company for $24 per share in cash.
What Happened: In a press statement, Lee, which is the nation’s fourth-largest newspaper publishing group, said its board of directors unanimously turned down the offer, which valued the company at $141 million. Alden planned to take the company private after the acquisition.
“The Alden proposal grossly undervalues Lee and fails to recognize the strength of our business today, as the fastest-growing digital subscription platform in local media, and our compelling future prospects,” said Lee Chairwoman Mary Junck. “We remain confident in our ability to create significant value as an independent company and are focused on our Three Pillar Digital Growth Strategy, detailed earlier this year. We have demonstrated accelerating momentum across our platforms as we execute our plan.”
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Why It Happened: Alden’s offer was the second time this year it has set its sights on another newspaper publishing company. Last May, Alden purchased Tribune Publishing Co. for $633 million, acquiring publications including the Chicago Tribune, Baltimore Sun and New York Daily News.
Lee has news operations in 77 U.S. markets and its most prominent publications include the St. Louis Post-Dispatch, The Press of Atlantic City, the Omaha World-Herald and the Richmond Times-Dispatch. Alden owns approximately 200 publications through its MediaNews Group subsidiary, as well as a 6% stake in Lee it purchased in 2020.
Lee, which is based in Davenport, Iowa, also reported its fourth-quarter earnings data, with total operating revenue at $193.9 million and net income totaling $5.3 million in the fourth quarter.
LEE Price Action: As of publication Thursday morning, Lee’s shares were trading up 12.22% at $28, which is sandwiched between its 52-week range of $10.20 and $36.51.
Photo: Gerd Altmann / Pixabay
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine." A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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