A Maryland hospitality giant and a Swiss billionaire have bid for Tribune Publishing Co., and the newspaper chain is expected to outperform a deal it has reached with hedge fund Alden Global Capital LLC.
A special committee of the Tribune board of directors has determined that, later last week, Choice Hotels International Inc. made an offer of approximately US$680 million, or US$18.50 per share. Chairman Stewart Bainum and Hansjörg Wyss may make a proposal higher than Alden’s $635. People familiar with the matter said 10,000 transactions. This is a legal transaction, indicating that Alden may need to increase the bid price, otherwise there is a risk of losing the transaction.
People familiar with the matter said that this was made after the two said that their total personal donations were over 600 million U.S. dollars, compared with the previous total of 200 million U.S. dollars.
They said that now that the group has submitted a fully-financed tender, it will have access to private financial data to conduct due diligence and negotiate other terms, which is a big step towards reaching an agreement that can replace Alden. . There is no guarantee that the group will successfully do this, and it is still possible to change the offer or exit after considering the company̵
If Alden fails, it will mark the 11th hour astonishing turning point for the New York hedge fund, and critics say this is a major victory for critics of local journalism that its model of drastically cutting costs has hurt. It took Alden nearly a year and a half to take over the Tribune, the publisher of nine major market dailies, including the Chicago Tribune, the New York Daily, and the Baltimore Sun.