Lee Enterprises Receives Recapitalization Proposal from Hoffmann Family of Companies

Hoffmann Family of Companies has proposed a recapitalization for Lee Enterprises, valuing the newspaper operator at $462 million. The proposal involves a $25 million investment in newly issued common equity at $2 a share, alongside a $25 million backstopped rights offering to existing shareholders at the same price. This structure implies a valuation of $462 million based on Lee's current debt and outstanding shares.