A Maryland resort magnate behind an Eleventh-hour bid to accumulate Tribune Publishing Co. is working to search out new financing and partnership choices after his accomplice withdrew from the deal, folks accustomed to the matter stated.
Swiss billionaire Hansjörg Wyss, who had pledged to contribute over $500 million to the $680 million bid for the newspaper firm, had a change of coronary heart after reviewing Tribune’s funds, the folks stated.
Mr. Wyss’s resolution dealt a blow to Alternative Lodges Worldwide Inc. Chairman Stewart Bainum’s transfer to outbid hedge fund Alden International Capital LLC, the folks stated, although they stated Mr. Bainum stays dedicated to discovering methods to maneuver forward with the bid.
Mason Slaine, a Florida investor who had earlier supplied $100 million for the bid, stated in an interview Sunday that he had been contacted by Mr. Bainum’s camp and that he remained excited about presumably collaborating.
A particular committee arrange by Tribune’s board beforehand had recommended shareholders accept Alden’s offer of $635 million, however had stated it might probably contemplate the competing $680 million bid led by Mr. Bainum to be superior if Messrs. Bainum and Wyss stood by it following the due diligence course of and it remained totally financed. The departure of Mr. Wyss from the bid throws that into query and will increase the prospect that Alden will emerge because the winner with out having to sweeten its supply.