TPCO - Tribune Publishing agrees to be sold to Alden Global for $17.25/share

Tribune Publishing (TPCO) agreed to be acquired by an affiliate of Alden Global Capital for for $17.25/share in cash.The purchase price represents a 45% premium to the closing price of Tribune common stock on Dec. 11,. the last trading day prior to receiving Alden's proposal and a 8.1% to Tribune's closing price today. The price also represents a 21% increase from Alden's initial offer of $14.25/share.Concurrent with the signing of the agreement, Alden signed a non-binding term sheet to sell The Baltimore Sun to Sunlight for All Institute, a public charity formed by Stewart Bainum Jr., according a press release.The deal is expected to close in the second quarter subject to regulatory approval and the approval of holders of two-thirds of Tribune common stock not owned by Alden.Alden currently owns 11.5m shares of Tribune common stock, representing 31.6% of the company's outstanding shares.Tribune will report its financial results for the Q4 and full year 2020 in early

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Tribune Publishing agrees to be sold to Alden Global for $17.25/share