Read the story here. Advertise at Before It's News here.
Profile image
Story Views
Last hour:
Last 24 hours:

Swiss Billionaire Hansjörg Wyss Pulls Out Of Tribune Publishing Bid

% of readers think this story is Fact. Add your two cents.

Almost a month after making a serious offer to buy Tribune Publishing, Swiss billionaire Hansjörg Wyss has pulled out of a bid to purchase the Chicago-based newspaper chain. According to people privy to the development, his partner in the bid is still committed to the deal. Wyss apparently took this decision after releasing that his long-term plan to converting the flagship Chicago Tribune into a national publication would require huge investment. Sources said that Wyss had plans to make it a national paper but he later realized that it would be ‘extremely difficult’ without proper investment planning.

Wyss has informed Maryland hotel executive Stewart Bainum about his decision. Earlier, the pair had joined hands to purchase the newspaper chain and had put a fully financed bid of USD 680 million bid. They had formed a nonbinding proposal by an entity called Newslight. It priced the newspaper at USD 18.50 per share, which was more than the offer of USD 17.15 per share by hedge fund Alden Global Capital. Newslight was examining the financial records of the Tribune so that a proper decision can be made before putting a firm offer on the table. Sources now said that the final offer was expected within few days. But it will be delayed as arrangements for another financing will be made.

Bainum has suffered a big blow because of the exit of Wyss from the deal. Wyss is a former chief executive officer of the Synthes that manufactures medical devices. While Wyss had agreed to contribute USD 505 for the deal, Bainum was supposed to give USD 100 million to complete the deal. Tribune Publishing has so far not commented on the development. The New York-based hedge which had earlier reached an agreement to buy the newspaper too has declined to comment. Alden had agreed in February to buy the rest of the company for USD 17.25 per share. The deal, which valued Tribune at about USD 633 million, required regulatory approval as well as approval from other shareholders.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.