Hedge fund Alden offers to buy Tribune Publishing
A hedge fund known for hostile takeover bids is seeking to take full control of the publisher of the Chicago Tribune and New York Daily News.
Alden Global Capital said Thursday it’s valuing Tribune Publishing, at $521 million, or $14.25 a share. That’s an 11.4% premium to Tribune’s closing price Wednesday.
Tribune shares shot up 9% in early trading Thursday.
Alden is the company’s biggest shareholder with a one-third stake in the newspaper chain whose other titles include the Baltimore Sun, Orlando Sentinel and the Hartford Courant.
The Wall Street Journal says the hedge fund took a seat on the Chicago Tribune publisher’s board in July in exchange for an agreement to extend a deal that prevents Alden from boosting its stake or making a hostile bid for Tribune until after June 2021.
Tribune did not immediately respond to a request for comment.
