Tribune says Stewart Bainum and Hansjörg Wyss proposal leads to superior proposal
(RTTNews) – Tribune Publishing Co. (TPCO) said its special committee has determined that a revised, non-binding proposal from Newslight, an entity jointly owned by Stewart Bainum and Hansjörg Wyss, to acquire all of the outstanding shares of common stock of Tribune for $ 18.50 per share in cash, one would reasonably expect it to lead to a “superior proposition” as defined in Tribune’s merger agreement with Alden Global Capital LLC.
However, Tribune noted that the merger agreement with Alden Global Capital remains in place.
Tribune noted that its special committee will carefully review the outcome of its discussions with Newslight and its executives to determine the course of action that is in the best interests of Tribune and its shareholders, subject to the terms of the Alden merger agreement. .
In February 2021, Tribune and Alden announced that they had entered into the Alden Merger Agreement, under which Alden will acquire all of the outstanding shares of Tribune common stock that are not currently held by Alden for $ 17.25 per share in cash. .
Alden currently owns 11.55 million common shares of Tribune, or 31.6% of the company’s outstanding shares.
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