Company that owns several Montana newspapers has rejected a takeover bid

HELENA — Lee Enterprises, the owner of several Montana newspapers, has rejected a bid by Alden Global Capital, LLC, a hedge fund, to purchase the company. Lee is the parent company of the Montana newspapers the Helena Independent Record, the Missoulian, the Billings Gazette, the Montana Standard and the Ravalli Republic.

Alden was offering $24 a share and already owned 6% of the issued and outstanding common stock of Lee at the time. The board of Lee Enterprises formally rejected the offer Thursday.