Swiss billionaire Wyss decides to stop offering Tribune – Bloomberg, NYT

© Reuters. The Swiss medical device company Synthes CEO Wyss speaks during the general meeting in Solothurn

(Reuters) – Swiss billionaire Hansjoerg Wyss has decided to get out of a group he applied for Tribune Publishing Co. (NASDAQ :), reported the New York Times and Bloomberg News on Saturday.

The decision came in the last few days after Wyss staff reviewed the Tribune’s finances as part of a due diligence process. This emerges from the NYT report which named people with knowledge of the matter.

Wyss had come to believe that it would be difficult for him to realize his ambition to turn The Chicago Tribune, the newspaper he was most interested in, into a national publication, the New York Times said.

Earlier this month, Tribune Publishing received a $ 680 million tender offer from Newslight LLC. This offer exceeded an earlier proposal by hedge fund Alden Global Capital for the owner of the Chicago Tribune and the New York Daily News.

Tribune said in a statement on April 5 that its board had determined that Newslight’s $ 18.50 per share proposal, which is jointly owned by Stewart Bainum and Wyss, chairman of Choice Hotels (NYSE: ) International Inc, found that Alden’s offer was superior.

Bainum has also carefully reviewed the deal and remains committed to an offer, Bloomberg reported on Saturday, citing a source.

The Bloomberg report added that Bainum is looking for alternative partnerships and financing and has received inquiries from potential investors in the past few weeks.

Tribune Publishing did not respond to a request for comment on Saturday.

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