(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.
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