TPCO - Tribune Publishing gains on report billionaire Bainum still working on besting Alden deal

Tribune Publishing (TPCO) rose about 1% on a report that billionaire Stewart Bainum is still working on an offer that would be higher than than the Alden Global deal.Bainum is said to be be making progress on replacing financing for his offer that went away when Hansjörg Wyss dropped out of the bidding, according to a CTFN report. When Wyss withdrew his offer, a lot of other parties expressed interest to Bainum in other papers that Tribune owns.The New York Times and other publications have also reported in recent weeks that Wyss was seeking new financing for a deal after Wyss's departure.Tribune last week said that Bainum's bid could no longer be considered superior to Alden Global's after Wyss dropped out. Tribune board's special committee set a May 21 shareholder vote on the Alden Global deal last week.

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Tribune Publishing gains on report billionaire Bainum still working on besting Alden deal