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Tribune Publishing to be Acquired by Alden Global Capital
February 16, 2021 GMT
CHICAGO, Feb. 16, 2021 /PRNewswire/ Tribune Publishing Company (NASDAQ: TPCO) (“Tribune” or the “Company”) and affiliates of Alden Global Capital (“Alden”) today announced that they have entered into a definitive merger agreement under which Alden will acquire all of the outstanding shares of Tribune common stock not currently owned by Alden for $17.25 per share in cash. Alden currently owns 11,554,306 shares of Tribune common stock, representing 31.6% of the Company’s outstanding shares.
The purchase price represents a premium of 45% to the closing price of Tribune common stock on December 11, 2020, the last trading day prior to receiving Alden’s proposal, a premium of approximately 35% to the closing price of Tribune common stock on December 30, 2020, the last trading day prior to public dis
Tribune Publishing Co said on Tuesday its largest shareholder, Alden Global Capital, will buy shares it does not already own in the company at $17.25 each in cash and turn the owner of the Chicago Tribune into a privately held firm.
Tribune Publishing, publisher of the Chicago Tribune and other newspapers, has agreed to be acquired by Alden Global Capital. The deal would create one of the largest newspaper operators in the United States.
UpdatedWed, Feb 17, 2021 at 11:34 am CT
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A hedge fund dubbed a destroyer of newspapers has purchased Tribune Publishing for $630 million, the company said. (Tasos Katopodis/Getty Images)
CHICAGO A hedge fund dubbed a destroyer of newspapers has purchased Tribune Publishing for $630 million, the company said.
Alden Global Capital, which already had a 35-percent stake in Tribune Publishing, agreed to purchase all remaining shares for $17.25 each to take the company private. Tribune Publishing stock was listed as $15.97 at the end of trading Tuesday. The per-share purchase price is $3 more than what Alden Global Capital had offered in December. Over the past year, the Company has taken a number of actions to adapt to an ever-changing business and industry environment, including the impact of COVID-19. These actions included strengthening the Company s financial position, driving digital growth and investing in high-quality content to better serve customers, emp
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