May 21 (Reuters) - Tribune Publishing Co's
shareholders have voted to approve a takeover offer from hedge
fund Alden Global Capital LLC, the Wall Street Journal reported
The deal gives Alden full control of Tribune's newspapers
like Chicago Tribune and the New York Daily News, the report
Tribune did not immediately respond to a Reuters request for
Alden had offered $17.25 per share for the company in
February for the stake it did not already own.
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 April, Tribune also received a superior offer of
$18.50 per share offer 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