Tribune Publishing Co.’s largest shareholder, Alden Capital, announced today that it has offered to buy the 68 percent of the newspaper publisher that it doesn’t own for approximately $520 million, according to a filing with the Securities and Exchange Commission.
Tribune Publishing Co TPCO.’s largest shareholder, Alden Capital, announced today that it has offered to buy the 68 percent of the newspaper publisher that it doesn’t own for approximately $520 million, according to a filing with the Securities and Exchange Commission. The offer made earlier this month values the corporate owner of The Baltimore Sun, Chicago Tribune, and the New York Daily News at $14.25 per share, a premium of more than 11 percent over its most recent closing price. Alden didn’t disclose in the filing whether the deal was cash or stock or if Tribune responded. A spokesman for Tribune didn’t respond to a request for comment for this story. Someone who answered the phone at Alden Capital’s New York headquarters said the company wasn’t taking reporters’ phone calls.
