Mr. Wyss, who made his fortune as a medical device manufacturer, joined a bid with Maryland hotel executive Stewart Bannum Jr. to make it seem as if it was fully owned by the Tribune with its largest shareholder, New York There was a chance to stop being made. Hedge fund Alden 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 April 5, Tribune Publishing said that its special committee had determined that a “better offer” would be expected from Mr Wyse and Mr Banyoum’s bid when compared with the Alden bid.
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 oversaw its sales to Johnson & Johnson for about $ 20 billion.