TPCO - Tribune Publishing confirms rival $18.50/bid superior to Alden Global deal

Tribune Publishing Co.'s (TPCO) confirmed a report from yesterday that a $18.50/share rival offer is likely be superior to Alden Global's original $17.25 deal to purchase the newspaper publisher. Tribune gained 1.5% in premarket trading.A special committee of Tribune's board announced that the bid from Choice Hotels International Inc. Chairman Stewart Bainum and Hansjörg Wyss is reasonably likely to lead to a proposal that is "superior" to Alden’s acquisition, according to a statement.The special committee's determination allows Tribune to engage in discussions and provide diligence information the rival bidder, though doesn't allow Tribune to terminate the Alden merger agreement or enter into a new agreement with the alternative buyer.Recall April 2, Tribune Publishing deal watchers turn eyes to Soon-Shiong's 'veto.'Recall March 24, Tribune Publishing gains after filing shows $18.50/share non-binding offer.

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Tribune Publishing confirms rival $18.50/bid superior to Alden Global deal