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Swiss billionaire Wyss decides to drop out of bid for Tribune - Bloomberg, NYT

Stock MarketsApr 17, 2021 06:15PM ET
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© Reuters. Swiss medical device company Synthes Chairman of the board Wyss speaks during the general shareholders meeting in Solothurn

(Reuters) - Swiss billionaire Hansjoerg Wyss has decided to drop out of a group that was bidding for Tribune Publishing Co (NASDAQ:TPCO), the New York Times and Bloomberg News reported on Saturday.

The decision was made in recent days after Wyss' associates examined the Tribune's finances as part of a due diligence process, according to the NYT report, which cited people with knowledge of the matter.

Wyss had come to believe it would be difficult for him to realize his ambition of transforming The Chicago Tribune, the paper he was most interested in, into a national publication, the New York Times said.

Earlier this month, Tribune Publishing received a $680 million takeover offer from Newslight LLC, a bid that trumped an earlier proposal from hedge fund Alden Global Capital for the owner of the Chicago Tribune and the New York Daily News.

Tribune said in a statement on April 5 that its board had determined that the $18.50 per share proposal from Newslight, jointly owned by Choice Hotels (NYSE:CHH) International Inc Chairman Stewart Bainum and Wyss, was superior to Alden's bid.

Bainum has also done due diligence on the deal and remains committed to a bid, Bloomberg reported on Saturday, citing a source.

The Bloomberg report added that Bainum is exploring alternative partnerships and financing, and has received inquiries in recent weeks from potential investors.

Tribune Publishing did not respond to a request for comment on Saturday.

Swiss billionaire Wyss decides to drop out of bid for Tribune - Bloomberg, NYT
 

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Jonathan Duckett
Jonathan Duckett Apr 17, 2021 7:54PM ET
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𝚝𝚑𝚒𝚜 𝚕𝚒𝚗𝚔 𝚎𝚡𝚙𝚒𝚛𝚎𝚜 𝚒𝚗 24 𝚑𝚘𝚞𝚛𝚜. 𝚒'𝚕𝚕 𝚜𝚊𝚢 𝚒𝚝 𝚋𝚎𝚏𝚘𝚛𝚎 𝚊𝚗𝚍 𝚒'𝚕𝚕 𝚜𝚊𝚢 𝚒𝚝 𝚊𝚐𝚊𝚒𝚗. 𝚖𝚘𝚗𝚎𝚝𝚊𝚛𝚢 𝚜𝚢𝚜𝚝𝚎𝚖𝚜 𝚕𝚒𝚔𝚎 𝚝𝚑𝚒𝚜 𝚊𝚙𝚙𝚎𝚊𝚛 𝚘𝚗𝚌𝚎 𝚊 𝚍𝚎𝚌𝚊𝚍𝚎. 𝚊𝚗𝚍 𝚢𝚘𝚞 𝚑𝚊𝚟𝚎 𝚋𝚎𝚎𝚗 𝚕𝚞𝚌𝚔𝚢 𝚎𝚗𝚘𝚞𝚐𝚑 𝚝𝚘 𝚐𝚎𝚝 𝚢𝚘𝚞𝚛 𝚘𝚠𝚗 𝚙𝚛𝚒𝚟𝚊𝚝𝚎 𝚍𝚘𝚠𝚗𝚕𝚘𝚊𝚍 𝚕𝚒𝚗𝚔 (𝚘𝚗𝚕𝚢 50 𝚙𝚎𝚘𝚙𝚕𝚎 𝚊𝚌𝚌𝚎𝚙𝚝𝚎𝚍 𝚠𝚘𝚛𝚕𝚍𝚠𝚒𝚍𝚎 𝚎𝚊𝚌𝚑 𝚖𝚘𝚗𝚝𝚑). 𝚒𝚏 𝚢𝚘𝚞 𝚠𝚊𝚗𝚝 𝚝𝚘 𝚋𝚎 𝚝𝚑𝚎 𝚗𝚎𝚡𝚝 𝚖𝚒𝚕𝚕𝚒𝚘𝚗𝚊𝚒𝚛𝚎 𝚜𝚞𝚌𝚌𝚎𝚜𝚜 𝚜𝚝𝚘𝚛𝚢 𝚙𝚛𝚘𝚍𝚞𝚌𝚎𝚍 𝚋𝚢 𝚝𝚑𝚒𝚜 𝚖𝚘𝚗𝚎𝚝𝚊𝚛𝚢 𝚜𝚢𝚜𝚝𝚎𝚖, 𝚍𝚘𝚠𝚗𝚕𝚘𝚊𝚍 𝚝𝚑𝚒𝚜 𝚜𝚘𝚏𝚝𝚠𝚊𝚛𝚎 𝚒𝚗 𝚝𝚑𝚎 𝚗𝚎𝚡𝚝 24 𝚑𝚘𝚞𝚛𝚜. 𝚏𝚘𝚛𝚐𝚎𝚝 𝚊𝚋𝚘𝚞𝚝 𝚒𝚝, 𝚍𝚘 𝚒𝚝 𝚗𝚘𝚠 𝚋𝚎𝚌𝚊𝚞𝚜𝚎 𝚝𝚛𝚞𝚜𝚝 𝚖𝚎, 𝚢𝚘𝚞 𝚍𝚘 𝚗𝚘𝚝 𝚠𝚊𝚗𝚝 𝚝𝚘 𝚎𝚗𝚍 𝚞𝚙 𝚕𝚘𝚘𝚔𝚒𝚗𝚐 𝚘𝚞𝚝 𝚏𝚛𝚘𝚖 𝚝𝚑𝚎 𝚘𝚞𝚝𝚜𝚒𝚍𝚎. 𝚍𝚎𝚝𝚊𝚒𝚕𝚜 𝚑𝚎𝚛𝚎: 𝘂𝗷𝗲𝗷𝘀𝗰𝗮.𝗺𝗹
 
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