TPCO - Tribune Publishing says Bainum bid unlikely to be superior to Alden Global deal

Tribune Publishing (TPCO) said the special committee of its board has determined that the alternative bid from hotel magnate Stewart Bainum is no longer "reasonably expected" to lead to a superior bid after Hansjörg Wyss reportedly dropped out of the bidding group.Tribune received a letter dated April 17 where Bainum stated that Wyss had indicated he would no longer provide the level of equity commitment indicated in the revised bid from Newslight.Tribune is no longer permitted to engage in discussions and negotiations with, or provide diligence information to, Newslight, according to a statement.Tribune said on April 5  that $18.50/share rival offer from Newslight was likely to be superior to Alden Global's original $17.25 deal to purchase the newspaper publisher.

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Tribune Publishing says Bainum bid unlikely to be superior to Alden Global deal