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Print A Maryland hotel executive is trying to assemble new financing for a $680-million offer to buy Tribune Publishing after his partner, a Swiss billionaire, pulled out of the bidding for the newspaper chain. Stewart Bainum is talking to other potential investors after Hansjoerg Wyss dropped out in the last few days, a person familiar with the matter said Sunday. Wyss told Bainum that it would require too much investment to turn the chain’s flagship Chicago Tribune into a nationwide publication, according to the person, who spoke anonymously because they were not authorized to discuss the private negotiations. Wyss and Bainum offered to buy the chain for $18.50 per share, topping a previous offer of $17.25 per share, or $634 million, by Tribune’s largest shareholder, hedge fund Alden Global Capital. Bainum told Tribune representatives about Wyss’ withdrawal on Friday, and they authorized him to talk to other potential investors, according to the person fami ....
Market movers: Stocks seeing action on Monday - and why Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer A roundup of some of the North American equities making moves in both directions On the rise In the wake of the late Friday announcement of its acquisition of the B.C.-based Bandstra Group of Companies, shares of Mullen Group Ltd. (MTL-T) jumped in morning trading after a group of equity analysts raised their target prices. ....
The Globe and Mail Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer 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. ....
Tribune says Swiss billionaire Wyss walks away from buyout bid reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Business Swiss billionaire Hansjoerg Wyss has decided to drop out of a group that was bidding for Tribune Publishing Co (TPCO.O), the New York Times and Bloomberg News reported on Saturday. The decision was made in recent days after Wyss associates examined the Tribune s finances as part of a due diligence process, according to the NYT report, which cited people with knowledge of the matter. Wyss had come to believe it would be difficult for him to realize his ambition of transforming The Chicago Tribune, the paper he was most interested in, into a national publication, the New York Times said. ....