Kirkland Represents Lee Enterprises on Successful Ruling Invalidating Proxy Fight Nominations by Hostile Bidder Alden Global Capital
Kirkland & Ellis secured an important victory in the Delaware Chancery Court for Lee Enterprises, Incorporated (NASDAQ: LEE), a leading provider of local news and information and a major platform for local advertising with an over 125-year history, upholding Lee’s rejection of Alden Global Capital’s attempted proxy fight nominations made in support of its hostile offer for Lee. Alden purported to nominate three candidates to stand for election to Lee’s Board of Directors, but the Court ruled that Alden failed to satisfy multiple mandatory requirements in Lee’s bylaws, which were adopted in consultation with Kirkland on a clear day more than two years ago as part of a broader corporate governance overhaul.
The Kirkland team was led by litigation partners Stefan Atkinson and Byron Pacheco and associate Brittney Nagle and corporate partners Sarkis Jebejian, Shaun Mathew and David Perechocky and associate Evan Johnson.
