The Board, in consultation with its legal advisors, adopted the Rights Plan in response to the significant accumulation of shares of Lee common stock by
- Rapidly built and increased its ownership position to more than 12.4% of the Company’s outstanding common stock, and in recent discussions with the Company, Quint indicated its intent to continue to accumulate LEE shares,
- Controls a digital publishing business that offers a content management system that seeks to compete with the Company’s subsidiary, BLOX Digital, and
- Highlighted its ownership stake in Lee in its public materials, including a
February 28 th press release that outlines its strategy for expansion into the North American media tech market.
“Consistent with its fiduciary duties, the Lee Board determined that based on the circumstances it was necessary to adopt a rights plan to protect the long-term interests of all Lee shareholders,” said
The Rights Plan is intended to enable the Company’s shareholders to realize the long-term value of their investment, ensure that all shareholders receive fair and equal treatment in the event of any proposed takeover of the Company, and to guard against tactics to gain control of the Company without paying all shareholders an appropriate premium for that control. The Rights Plan applies equally to all current and future shareholders and is not intended to deter offers or preclude the Lee Board from considering offers that are fair and otherwise in the best interest of the Company’s shareholders.
The Rights Plan is similar to plans adopted by other publicly traded companies in
Further details about the Rights Plan will be contained in a Form 8-K to be filed by the Company with the
About
Forward-Looking Statements
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company, including but not limited to statements related to the benefits of the Rights Plan and the ability of the Rights Plan to maximize shareholder value in the event of a takeover of Lee. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “aims,” “anticipates,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in report relating to the Company may be found in the Company’s periodic filings with the
Investor Contact
IR@lee.net
(563) 383-2100
Source:
2024 GlobeNewswire, Inc., source