State Roundup: Legislature OKs $52.4 billion budget targeted at Covid recovery; wrangling continues over police reform
House of Delegates March 2021, MarylandReporter.com photo
GENERAL ASSEMBLY OKs $52.4B BUDGET: Danielle Gaines of Maryland Matters reports that the Maryland General Assembly gave final approval Friday to a $52.4 billion budget that House Appropriations Chairwoman Maggie L. McIntosh (D-Baltimore City) said is worthy of a moniker: “I call this The Recovery Act,” she said.
Only in 2021, perhaps, could approval of a massive state budget fattened by federal aid to help struggling businesses and families go by with barely a remark in the General Assembly. “It’s been like ‘small ball’ this year to pass the budget,” Senate President Bill Ferguson said as his chamber voted Friday to put the finishing touches on the $52 billion spending plan, up from a $49 billion proposal made in January, Pamela Wood and Bryn Stole report in the Sun.
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A special committee of Tribune’s board has determined that a roughly $680 million, $18.50-a-share bid submitted late last week by Choice Hotels International Inc. Chairman Stewart Bainum and Hansjörg Wyss is reasonably likely to lead to a proposal that is superior to Alden’s $635 million deal, people familiar with the matter said. That is legal deal-speak indicating Alden may need to raise its bid or risk losing the deal.
The decision came after the two men indicated they plan to personally contribute more than $600 million combined, up from a previous total of $200 million, the people said.
Now that the group has submitted a fully financed bid, it will get access to private financial data to conduct due diligence and negotiate other terms, a big step toward completing an agreement that could replace Alden’s, they said. There is no guarantee the group will succeed in doing so, and it is still possible it could change its offer or walk away after reviewing the company
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Tribune Publishing Co. will talk with a group that has offered $680.8 million for the newspaper publisher, saying it will likely beat out an accepted $634.8-million takeover offer from hedge fund Alden Global Capital.
A nonbinding bid of $18.50 a share in cash from Newslight, as Choice Hotels International Inc. Chairman Stewart Bainum Jr. and Swiss billionaire Hansjoerg Wyss have named their group, is likely to lead to a superior proposal under the terms of the Alden merger agreement, Tribune said in a statement Monday.
Alden’s offer of $17.25 a share remains in effect, but Tribune can now engage in negotiations with Newslight and offer it due-diligence materials, the newspaper company said.