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Rival Group Raises Full Funds and Bid Approximately $ 680 Million to Tribune

Maryland hotel mogul and Swiss billionaire bid on Tribune Publishing, and newspaper chains are expected to take advantage of the deal with hedge fund Alden Global Capital LLC.

A special committee on Tribune’s board said that Choice Hotels International Inc. Chairman Stewart Bynum and Hans Jürgwis submitted a bid of about $ 680 million, $ 18.50 per share, from Alden’s $ 635. Also decided that it is likely to lead to a good proposal. One million deals, people familiar with the matter said. This is a legitimate transaction and indicates that Alden needs to raise bids or is at risk of losing the transaction.

The decision was made after the two men announced their plans to personally donate more than $ 600 million, up from a previous total of $ 200 million.

Now that the group has submitted a wholly-owned bid, you will have access to your personal financial data to perform due diligence and negotiate other terms. This is a big step towards completing a contract that could replace Alden. There is no guarantee that the group will succeed, and it is possible to change offers or leave after reviewing the company’s finances.

If Alden loses the deal, it marks an amazing 11-hour turnaround for New York hedge funds and will be a big win for critics who say the aggressive cost-cutting model has hurt the local news industry. .. Alden spent almost a year and a half taking over Tribune, the publisher of nine large daily newspapers, including the Chicago Tribune, the New York Daily News and The Baltimore Sun.

Rival Group Raises Full Funds and Bid Approximately $ 680 Million to Tribune

Source link Rival Group Raises Full Funds and Bid Approximately $ 680 Million to Tribune

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