(RTTNews) – Tribune Publishing Co. (TPCO) agreed to be taken private by Alden Global Capital for $17.25 per share in cash. Alden currently owns 11.55 million shares of Tribune common stock, representing 31.6% of the Company’s outstanding shares.
The purchase price represents a premium of 45% to the closing price of Tribune common stock on December 11, 2020, the last trading day prior to receiving Alden’s proposal, and a 21% increase from Alden’s initial offer of $14.25 per share.
Alden has signed a non-binding term sheet to sell The Baltimore Sun to Sunlight for All Institute, a public charity formed by Stewart Bainum Jr.
The transaction is expected to close in the second quarter of 2021.
Upon completion of the transaction, Tribune will become a privately held company, and its common stock will no longer be listed on any public market.
TPCO closed Tuesday’s regular trading at $15.97 up $0.02 or 0.13 percent. In the after-hours trade, the stock further gained $1.28 or 8.02 percent.