Alden Global Capital, which is already Tribune’s biggest shareholder, valued the company at about $520.6 million.
Alden Global Capital, the hedge fund that has amassed a newspaper empire, said on Thursday that it is bidding for full control of Tribune Publishing, the parent of publications like The Chicago Tribune and The Baltimore Sun.
In a letter to Tribune’s board, Alden — which is already the publisher’s biggest shareholder, with a nearly 32 percent stake — said that it was willing to buy the remaining shares that it does not already own for $14.25 a share. That represents an 11 percent premium to Tribune’s closing price on Wednesday.
The offer values Tribune at about $520.6 million.
The bid by Alden, whose MediaNews Group already owns about 200 newspapers, including The Denver Post and The Mercury News, increased its grip on Tribune, adding another board seat, earlier this year.
The hedge fund has embarked on an acquisition spree of local newspapers — but has stoked outrage from employees over its business plan of sharply cutting costs at those publications in an effort to wring out profits.
This is a developing story. Check back for updates.
"control" - Google News
December 31, 2020 at 08:28PM
https://ift.tt/2JC1otE
Alden Global Bids for Control of Tribune - The New York Times
"control" - Google News
https://ift.tt/3bY2j0m
https://ift.tt/2KQD83I
Bagikan Berita Ini
0 Response to "Alden Global Bids for Control of Tribune - The New York Times"
Post a Comment