(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 on Friday.
The deal gives Alden full control of Tribune’s newspapers like Chicago Tribune and the New York Daily News, the report added. (on.wsj.com/3ysme37)
Tribune did not immediately respond to a Reuters request for comment.
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.
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