Tribune Publishing board recommends shareholders approve Alden bid, but gives hotel exec the OK to pursue financing for higher offer

Tribune Publishing’s board is recommending shareholders approve Alden Global Capital’s $630 million offer to buy the Chicago-based newspaper company, but gave a Maryland hotel executive the green light to pursue financing for a higher bid, according to a Securities and Exchange Commission filing Tuesday. Alden, a New York-based hedge fund and Tribune Publishing’s largest shareholder with a 31.6% stake, reached an agreement last month to buy the rest of the company at $17.25 per share and take it private. The deal, which the company said should close in the second quarter, requires approval fro…

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