Stocks

Tribune says Swiss billionaire Wyss walks away from buyout bid By Reuters

© Reuters. Swiss medical device company Synthes Chairman of the board Wyss speaks during the general shareholders meeting in Solothurn

(Reuters) -Tribune Publishing Co said on Monday Swiss billionaire Hansjoerg Wyss had decided to leave a group that had made a $680 million approach for the owner of the Chicago Tribune and the New York Daily News.

The bid from Newslight LLC, which Wyss had earlier been a part of, will no longer be expected to lead to a “superior proposal,” Tribune said in a statement.

The Baltimore Sun owner received an $18.50 per share offer from Newslight earlier this month that trumped an earlier proposal from hedge fund Alden Global Capital, the largest shareholder in Tribune.

The $17.25 per share agreement with Alden remains in place, and shareholders of the publishing company should vote in favor of the Alden deal, the company said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button