(Reuters) -Tribune Publishing Co said on Monday Swiss billionaire Hansjoerg Wyss had decided to leave a group that had made a $680 million approach for the owner of the Chicago Tribune and the New York Daily News.
The bid from Newslight LLC, which Wyss had earlier been a part of, will no longer be expected to lead to a “superior proposal,” Tribune said in a statement.
The Baltimore Sun owner received an $18.50 per share offer from Newslight earlier this month that trumped an earlier proposal from hedge fund Alden Global Capital, the largest shareholder in Tribune.
The $17.25 per share agreement with Alden remains in place, and shareholders of the publishing company should vote in favor of the Alden deal, the company said.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)
