Chairman Mary Junck says no one from Alden attended the meeting and she can't speculate on what might happen next.
"The company is focused on driving our digital transformation strategy, delivering strong local journalism, as well as providing value to all of our shareholders. That was the main message of the meeting, I would say."
President and CEO Kevin Mowbray says Lee has a bright future.
"Our digital only subscriber growth exceeded the industry exceptionally for the last 12 quarters, beating both Gannett and the New York Times. And then our digital agency revenue growth is also industry-leading, and that revenue is up about 45 per cent."
It owns daily newspapers, weeklies, and specialty publications in 77 markets in 26 states, while the would-be buyer, Alden Global Capital, owns more than 200 newspapers, including the Chicago Tribune.
"And we've got a very detailed five year strategic plan that we're right in the middle of executing and as I said we've made good progress. We feel that there's a lot of upside on the stock."
In November, Lee rejected Alden's offer of 24 dollars a share, and Lee shares are currently trading around 30 dollars. Another hedge fund that owns shares in the company believes they should be worth 100 dollars or more.
Lee's newspapers include the Quad City Times, St. Louis Post Dispatch, Bloomington (il.) Pantagraph, and the Omaha World-Herald.