April 5 (Reuters) - Tribune Publishing Co has
received a $680 million takeover offer from Newslight LLC, a bid
that trumps an earlier proposal from hedge fund Alden Global
Capital for the owner of the Chicago Tribune and the New York
Tribune said in a statement on Monday that its board had
determined that the $18.50 per share proposal from Newslight,
jointly owned by Choice Hotels International Inc Chairman
Stewart Bainum and Swiss billionaire Hansjörg Wyss, was superior
to Alden's bid.
Newslight's offer represents a premium of about 45% to
Tribune's close before Alden made its first bid on Dec. 31. The
Baltimore Sun owner's shares closed at $18.03 on Thursday.
New York-based Alden, the largest shareholder in Tribune,
had offered $17.25 per share for the company in February for the
stake it did not already own.
(Reporting by Eva Mathews in Bengaluru; Editing by Aditya Soni)