Alden Global Capital, a New York-based hedge fund that is already one of the nation’s largest newspaper owners, but has a reputation for imposing severe cuts and layoffs at the publications it owns, has been dealt a setback in its bid to buy Lee Enterprises, which publishes the Buffalo News, St. Louis Post-Dispatch, Lincoln Journal Star and dozens of other newspapers.
A judge has cleared the way for the newspaper publisher to use a voting system that will ensure two longtime directors are reelected at next month’s annual meeting despite the objections of a hedge fund that is trying to buy the company.
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