Rival bid loses key supporter: Tribune Publishing

Article Excerpt

TRIBUNE PUBLISHING CO. $17.35 is a hold. The company (Nasdaq symbol TPCO; Consumer Sector; Shares outstanding: 36.8 million; Market cap: $638.5 million; No dividend paid; Takeover Target Rating: Highest; www.tribpub.com) publishes daily newspapers in eight U.S. cities. Those dailies include the Chicago Tribune, New York Daily News and the Baltimore Sun. Tribune recently accepted a $17.25-a-share takeover offer from hedge fund operator Alden Global Capital, which currently owns 31.6% of the company. However, Newslight, LLC, a joint venture backed by billionaire investors Stewart Bainum Jr. and Hansjörg Wyss, stepped in to offer $18.50 a share for Tribune. The stock is trading below the Newslight bid, as Mr. Wyss has now withdrawn his support for the venture. Newslight is, however, seeking new financing to continue with the takeover. Tribune Publishing is a hold. hold. …