Swiss billionaire joins bidding for Tribune Publishing

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Hansjörg Wyss, a Swiss billionaire who has donated hundreds of millions to environmental causes has joined in the bidding for Tribune Publishing.

Wyss, who is also the former CEO of medical device manufacturer Synthes, said in an interview that “he had agreed to join with Maryland hotelier Stewart W. Bainum Jr. in a bid for Tribune Publishing, an offer that could upend Alden Global Capital’s plan to take full ownership of the company.”

Alden already owns approximately 32 percent of Tribune shares, and just last month, the hedge fund reached an agreement with the publisher to buy the rest of the company’s shares at $17.25 apiece.

Under this plan, Bainum agreed to establish a nonprofit group that would buy the Sun and two other Tribune-owned Maryland newspapers from Alden for $65 million. It also prompted him to make a bid March 16 for all of Tribune, beating Alden’s number with an offer of $18.50 a share.

However, a securities filing Tuesday revealed that the company’s board recommended that shareholders approve the Alden bid, but also gave Bainum the go-ahead to pursue financing for his higher bid, which he did by teaming up with Wyss.