Tribune Publishing confirms rival bid, says it could lead to ‘superior proposal’ for Chicago-based newspaper company

Tribune Publishing early Monday confirmed it received a revised, fully financed bid from a second suitor that “would reasonably be expected to lead to a ‘Superior Proposal’” over the bid received from Alden Global Capital. In a news release, Tribune Publishing said the $18.50-per-share bid submitted April 1 by an entity named Newslight, jointly owned by Maryland hotel executive Stewart Bainum and Swiss billionaire Hansjorg Wyss, is fully financed. The $680 million bid remains subject to conditions such as due diligence and the completion of a definitive agreement. Alden, a New York-based hedge…

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HEDGE accordingly