Maryland Hotel Mogul Continues His Quest For Tribune Publishing As Time Runs Out

Stewart Bainum is making a third try to keep the newspaper chain away from the hedge fund Alden Global Capital, which is poised to be the company’s next owner.

Tribune May Accept Alternative $680M Bid

A Maryland hotel magnate and a Swiss billionaire have made a bid for Tribune TPCO 0.22% Publishing Co. that the newspaper chain is expected to favor over a takeover deal it already struck with hedge fund Alden Global Capital. A special committee of Tribune’s board has determined that a roughly $680 million, $18.50-a-share bid submitted late last week by Choice Hotels International Chairman Stewart Bainum and Hansjörg Wyss is reasonably likely to lead to a proposal that is superior to Alden’s $635 million deal, people familiar with the matter said. That is legal deal-speak indicating Alden may need to raise its bid or risk losing the deal.

Swiss Billionaire Joins Bidding For Tribune Publishing

The philanthropist Hansjörg Wyss has teamed with the Maryland hotel executive Stewart Bainum in a bid to upend Alden Global Capital’s plan to acquire the newspaper chain.