Tribune Publishing moving forward with hedge fund’s bid
Tribune Publishing is moving ahead with plans to be acquired by Alden Global Capital and has ended talks with Maryland hotel executive Stewart Bainum, who was also interested in purchasing the Chicago-based newspaper chain.
Swiss billionaire Hansjörg Wyss has also pulled out of a bid to buy Tribune Publishing.
Due to this, the Wyss/Bainum entity known as Newslight is not expected to lead to a “superior proposal” to the $633 million offered by Alden. Tribune Publishing said it is ending talks with Bainum and going ahead with the hedge fund’s proposal.