Tribune, owner of NY Daily News, supports Alden Global’s bid despite high offer

The board of Tribune Publishing has decided to place a buyer bid from its largest shareholder, Alden Global, despite receiving a higher offer from hotel tycoon Stewart Bannum after a hedge fund.

The Chicago Tribune and New York Daily News owner Tribune said in a regulatory filing on Tuesday that its board recommended shareholders vote in favor of a $ 17.25 per share bid from Alden.

The New York hedge fund, which has a 32 percent stake in the Tribune, had made it clear that “it would clearly not support an alternative transaction,” said the Tribune, rejecting a rival offer from Bannam, chair of Choice Hotels. Hinted at. .

Earlier this month, Bannum offered $ 18.50 per Tribune share.

Shares of the publishing company, which saw a decline in revenue last year due to the COVID-19 epidemic, were trading up 3.6 percent to $ 17.69 on Wednesday.

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