Publisher extends 'poison pill' in response to courtship from Naples firm

Iowa newspaper group Lee Enterprises is extending its shareholder rights plan, known as a poison pill, following what it calls repeated acquisition interest from a Naples conglomerate. 

Lee, in a Wednesday statement, says the rights plan is in response to several Hoffmann announcements from the Hoffmann Family of Cos. including: 

• Within the past year, Hoffmann has accumulated an ownership stake of approximately 9.8% of Lee’s outstanding common stock 
• Since October 2024, Hoffmann has issued multiple press releases highlighting its growing ownership position in Lee, its intention to become Lee’s largest shareholder and its interest in acquiring Lee outright.
• On March 20 Hoffmann sent a letter to Lee seeking to open discussions regarding a potential acquisition of Lee but did not specify an acquisition price or any other material terms, and the same day, Hoffmann made its expression of interest public.