Tribune Publishing Co has received a $680 million takeover offer from Newslight LLC, a bid that trumps an earlier proposal from hedge fund Alden Global Capital for the owner of the Chicago Tribune and the New York Daily News.
Tribune said in a statement on Monday that its board had determined that the $18.50 per share proposal from Newslight, jointly owned by Choice Hotels International Inc Chairman Stewart Bainum and Swiss billionaire Hansjörg Wyss, was superior to Alden’s bid.
New York-based Alden, the largest shareholder in Tribune, had offered $17.25 per share for the company in February for the stake it did not already own.
Read more at Reuters
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.