Tribune, the owner of the Chicago Tribune and the New York Daily News, said in a regulatory filing on Tuesday that its board recommended shareholders vote in favor of the $17.25 per share bid from Alden. (https://
The New York-based hedge fund, which owns a 32% stake in Tribune, had made it “clear it would not support an alternative transaction,” Tribune said, prompting the company to reject a rival offer from Bainum, the chair of Choice Hotels (NYSE:CHH).
Bainum earlier this month offered $18.50 per Tribune share.
Shares of the publishing company, which saw a decline in revenue last year due to the COVID-19 pandemic, were trading 3.6% higher at $17.69 on Wednesday.