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TRIBUNE PUBLISHING COMPANY

(TPCO)
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Tribune Publishing : REFILE-UPDATE 1-Tribune shareholders approve Alden Global's take-private deal

05/21/2021 | 06:59pm EDT

May 21 (Reuters) - Tribune Publishing Co said on Friday shareholders had approved its proposed acquisition by hedge fund Alden Global Capital LLC.

The take-private deal, gives Alden full control of Tribune's newspapers such as the Chicago Tribune and the New York Daily News.

As per terms of agreement, expected to close by May 25, Alden will acquire all of the outstanding shares of Tribune common stock not currently owned by it for $17.25 per share in cash.

The New-York-based hedge fund, known for its hostile takeover bids of publishing companies, owns a near 32% stake in Tribune, making it the publishing company's largest shareholder.

Earlier in March, Tribune also received a superior offer of $18.50 per share from Newslight, owned by Choice Hotels International Inc Chairman Stewart Bainum and Swiss billionaire Hansjörg Wyss. However, Tribune's board recommended shareholders to vote in favour of Alden's bid.

Shares of Tribune, which also owns the Baltimore Sun, has gained nearly 26% this year. (Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHOICE HOTELS INTERNATIONAL, INC. -0.80% 119.9 Delayed Quote.12.34%
TRIBUNE PUBLISHING COMPANY 0.41% 17.26 End-of-day quote.25.99%
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Financials (USD)
Sales 2020 746 M - -
Net income 2020 -39,0 M - -
Net cash 2020 25,8 M - -
P/E ratio 2020 -11,8x
Yield 2020 1,96%
Capitalization 636 M 636 M -
EV / Sales 2019 0,58x
EV / Sales 2020 0,59x
Nbr of Employees 2 865
Free-Float 95,0%
Chart TRIBUNE PUBLISHING COMPANY
Duration : Period :
Tribune Publishing Company Technical Analysis Chart | TPCO | US89609W1071 | MarketScreener
Income Statement Evolution
Managers and Directors
Heath Bradford Freeman President & Director
Michael Norman Lavey Chief Financial & Accounting Officer, Controller
R. Joseph Fuchs Director
Joshua P. Kleban Director
Michael J. Monticciolo Director
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