Tribune to consider alternative, more lucrative buyout offer

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The company that owns the Chicago Tribune and other major U.S. newspapers says it will discuss a $679 million bid from hotel mogul Stewart Bainum and Wyoming billionaire Hansjörg Wyss that is higher than the $634 million offer from hedge fund Alden Global. The board’s special committee said in a prepared statement Monday that its decision lets Tribune “engage in discussions and negotiations with, and provide diligence information to Newslight,” Bainum and Wyss’ group. But for now it continues to recommend that shareholders choose Alden’s offer. Tribune said it got a non-binding proposal from Newslight on Thursday, an offer of $18.50 per share.

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