Report: Hedge fund drops bid for Post-Dispatch parent company

Florida hedge fund Alden Global Capital reportedly has dropped its bid to buy St. Louis Post-Dispatch parent Lee Enterprises.

In November 2021, Alden offered $24 per share for Lee. The latter company is now trading at around $18 per share.

One media report indicated the bid is being abandoned "at least for now, in part due to rising interest rates and a tougher market to finance deals."

Read more from the St. Louis Business Journal.