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
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
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