Kirkland & Ellis advised 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, in its successful proxy contest defense against hostile bidder Alden Global Capital. On March 10, 2022, Lee Enterprises announced the preliminary vote results of its 2022 annual meeting of shareholders at which shareholders overwhelmingly voted to re-elect each of the Company’s nominees to the Lee Board of Directors.
Lee’s successful proxy contest defense followed two recent victories in the Delaware Chancery Court, also guided by Kirkland. Just last week, following an expedited hearing, the Court denied all motions brought by Alden, which was challenging the applicable voting standard and sought to delay Lee’s 2022 Annual Meeting. The initial ruling, delivered three weeks ago, upheld Lee’s rejection of Alden’s attempted proxy fight nominations made in support of its hostile offer for Lee.
The Kirkland team was led by corporate partners Sarkis Jebejian, Shaun Mathew and David Perechocky and associate Evan Johnson, and litigation partners Stefan Atkinson and Byron Pacheco and associate Brittney Nagle.