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TRIBUNE PUBLISHING COMPANY

(TPCO)
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Tribune Publishing : board backs Alden Global's bid despite higher offer

03/24/2021 | 02:19pm EDT

March 24 (Reuters) - Tribune Publishing Co's board has decided to stick with a buyout bid from its largest shareholder Alden Global despite getting a higher offer from hotel tycoon Stewart Bainum after the hedge fund said it would not support an alternative deal.

Tribune, the owner of the Chicago Tribune and the New York Daily News, said in a regulatory filing on Tuesday that its board recommended shareholders vote in favor of the $17.25 per share bid from Alden. (https://bit.ly/3spJ0FC)

The New York-based hedge fund, which owns a 32% stake in Tribune, had made it "clear it would not support an alternative transaction," Tribune said, prompting the company to reject a rival offer from Bainum, the chair of Choice Hotels.

Bainum earlier this month offered $18.50 per Tribune share.

Shares of the publishing company, which saw a decline in revenue last year due to the COVID-19 pandemic, were trading 3.6% higher at $17.69 on Wednesday.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)


© 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
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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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