Swiss billionaire Hansjorg Vais, who came out of nowhere last month to make a serious offer to Tribune Publishing, a leading newspaper newspaper, according to three people aware of the case, decided to exclude himself from the bid is.
Two of the people said the decision came in recent days, with Mr Wyss’s colleagues investigating the Tribune’s finances as part of a due diligence process.
Two people said Mr Wyss had come to believe that it would be difficult for him to realize his ambition to turn the Chicago Tribune – the company’s flagship paper and the one he was most interested in – into a national publication. Three people aware of the case spoke on condition of anonymity because they were not authorized to discuss the deal publicly.
Mr vice, Who made his fortune as a medical device manufacturer, joined a bid with Maryland hotel executive Stewart Bannum Jr., to make it look as if it was given full ownership of its largest shareholder, the New York wedge fund Alden, to the Tribune There was a chance to stop becoming the ones. Global Capital.
In late March, Mr. Wise and Mr. Bannum had simultaneously proposed $ 18.50 a share, with the series at $ 680 million. It came more than a month after the Tribune reached a non-binding agreement to sell itself to Alden at $ 17.25 per share. On 5 April, Tribune Publishing stated that its special committee had determined that Mr Wyse and Mr Bannum would be reasonably expected to bid. “Better offer,” When compared with the Alden dialect.
Because Alden is known to reduce costs on nearly 60 dailies it controls through its MediaNews Group subsidiary, journalists at Tribune Publications delighted Mr Wyss and Mr Bannum’s surprise entry in the bid .
Mr. Wise and Mr. Bannum declined to comment. The Tribune’s special committee also declined to comment.
Mr. Bainum, who took a special interest in another Tribune paper, The Baltimore Sun, is committed to furthering the ownership of the Tribune publication. With Mr. Wyss now on his side, he is seeking new financing, the trio said. Mr Banyoum told the Special Committee of Mr Wyse’s departure to the Tribune on Friday, two of whom said, and confirmed his exit from the deal in writing on Saturday.
Mr. Wise, who was born in Bern, Switzerland and has a home in Wyoming, first visited the United States in 1958 as an exchange student and worked as a journalist as a youth. A decade ago, as chief executive of Swiss-based medical device manufacturer Synthes, he Its sales oversaw About $ 20 billion for Johnson & Johnson.