TPCO - Tribune Publishing shares +9.5% after Alden Global's $521M acquisition offer

Alden Global Capital, known for hostile takeover bids for publishing companies, says it has offered to take full control of Tribune Publishing (TPCO) for $14.25 per share, an 11% premium to the last closing price.The deal would value the Chicago Tribune publisher at $520.6M.Alden owns a 32% stake in Tribune. In July, the shareholder took a third seat on Tribune's board (out of seven) in a standstill deal that prohibited a hostile takeover bid until after June 2021.The hedge fund's offer comes after the pandemic battered publishing revenues, forcing cost cuts.Tribune hasn't publicly responded to the offer. TPCO shares are up 9.5% pre-market to $14.Alden's purchase offer was first suggested in a WSJ report.

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Tribune Publishing shares +9.5% after Alden Global's $521M acquisition offer