TPCO
Tribune Publishing deal watchers turn eyes to Soon-Shiong's 'veto'
- As rival bids heat up for Tribune Publishing(NASDAQ:TPCO), the
question in the air is: In which direction will billionaire Patrick
Soon-Shiong cast his support?
- The *Los Angeles Times* owner holds the key to a Tribune sale with a
24% stake in the company.
- And he's not yet committed to the board-approved $17.25/share offer
from Alden Global Capital - allowing for the likelihood that he's not
comfortable selling to a hedge fund with a reputation for dismantling
newspapers.
- A rival bid of $18.50/share comes from hotel mogul Stewart Bainum, now
supported by Tribune's third-largest shareholder, Mason Slaine (3.4%
stake), as well as Swiss billionaire Hansjörg Wyss.
- While the Tribune board's special committee has only endorsed the
Alden deal, that could change when the Bainum deal is finalized. A source
tells the *New York Post* that "I think Patrick will side with whichever
offer will pay him the most money."
- Alden needs two-thirds support among non-Alden shareholders, so
Soon-Shiong essentially has a veto on Alden's deal.
|Yesterday, 4:05 PM
Tribune Publishing deal watchers turn eyes to Soon-Shiong's 'veto'
- As rival bids heat up for Tribune Publishing(NASDAQ:TPCO), the
question in the air is: In which direction will billionaire Patrick
Soon-Shiong cast his support?
- The *Los Angeles Times* owner holds the key to a Tribune sale with a
24% stake in the company.
- And he's not yet committed to the board-approved $17.25/share offer
from Alden Global Capital - allowing for the likelihood that he's not
comfortable selling to a hedge fund with a reputation for dismantling
newspapers.
- A rival bid of $18.50/share comes from hotel mogul Stewart Bainum, now
supported by Tribune's third-largest shareholder, Mason Slaine (3.4%
stake), as well as Swiss billionaire Hansjörg Wyss.
- While the Tribune board's special committee has only endorsed the
Alden deal, that could change when the Bainum deal is finalized. A source
tells the *New York Post* that "I think Patrick will side with whichever
offer will pay him the most money."
- Alden needs two-thirds support among non-Alden shareholders, so
Soon-Shiong essentially has a veto on Alden's deal.
|Yesterday, 4:05 PM
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