DANVILLE, Va. (Chicago Tribune) — Newspaper publisher Lee Enterprises – which owns the Danville Register and Bee, the Lynchburg News Advance and the Roanoke Times — has rejected a takeover offer from the Alden Global Capital hedge fund that is one of the largest newspaper owners in the country with a reputation for intense cost cuts and layoffs, but the fight over the company’s future is likely far from over. Lee said Thursday that its board unanimously rejected Alden’s offer to buy the company for $24 per share or about $141 million because it isn’t in the best interests of shareholders.

Also Thursday, Lee reported a $5.3 million fiscal fourth-quarter profit this year, rebounding from a $1.3 million loss a year ago, as the number of digital-only subscribers at the company grew 65%.

“The Alden proposal grossly undervalues Lee and fails to recognize the strength of our business today, as the fastest-growing digital subscription platform in local media, and our compelling future prospects,” Lee Chairman Mary Junck said.

Lee Enterprises employed a ‘poison pill’ defense strategy. The move will allow current stockholders to buy half-priced shares for a year if a company buys 10 percent of the business. This will make it more expensive for Alden to buy Lee Enterprises.

The union representing workers at the Roanoke Times says Alden has a reputation for laying off staff and selling properties.

Even if Lee succeeds at turning away Alden, it will likely face pressure to sell itself to someone else in the next couple of years or find a suitor willing to take the company private.