Home Business News Swiss billionaire Wyss decided to bid for Tribune

Swiss billionaire Wyss decided to bid for Tribune

© Reuters. Swiss Medical Equipment Company Synthes Wyss Chairman of the Board of Directors speaking during a general meeting of shareholders in Solothurn

(Reuters) – Swiss billionaire Hansjoerg Wyss has decided to leave a group that has bid Tribune Publishing Co (NASDAQ :), New York Times and Bloomberg News reported on Saturday.

The decision comes in recent days after Wyss associates examined the Tribune’s finances as part of the due diligence process, NYT reports, citing people with knowledge of the matter. this.

Wyss believed it would be difficult for him to fulfill his ambitions to turn the Chicago Tribune, the newspaper he was most interested in, into a national publication, the New York Times said.

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

The Tribune said in an April 5 statement that its board had determined that a $ 18.50 per share proposal from Newslight, led by Choice Hotels (NYSE 🙂 International Inc Chairman Stewart Bainum and Wyss, a co-owner, outpaces Alden’s bid.

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

The Bloomberg report adds that Bainum is exploring alternative finance and partnerships, and has received requests in recent weeks from potential investors.

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

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