TPCO - Swiss billionaire Wyss reportedly drops out of Tribune Publishing bidding

Swiss billionaire Hansjörg Wyss is said to be dropping out of a group bidding for Tribune Publishing (TPCO) after conducting due diligence over the past two weeks.Wyss was joined with Choice Hotels Chairman Stewart Bainum on an $18.50-share offer, which had topped a rival offer from hedge fund Alden Global. Bainum remains committed to a bid and is exploring alternative partnerships and financing, according to a Bloomberg report, which cites people familiar.Wyss originally had agreed to contribute $500M to a bid, while Bainum would put in $100M, according to the report.Tribune said on April 5  that $18.50/share rival offer from Newslight, the name of Bainum-Wyss group, was likely to be superior to Alden Global's original $17.25 deal to purchase the newspaper publisher.Late last month, the WSJ reported that Mason Slaine, a technology investor who owns 3.4% stake in Tribune, told the paper that he would make be would make an investment to acquire Florida newspapers the Orlando Sentinel and the Sun Sentinel in

For further details see:

Swiss billionaire Wyss reportedly drops out of Tribune Publishing bidding