M&A · Tech · Newspapers: Publishing or Publishing & Printing
Alden Global Capital to acquire Tribune Publishing Co
Announced Feb 16, 2021 · Closed May 25, 2021
Deal value$630MEV $547M
Premium45.0%To unaffected price
EV / Adj. EBITDA—0.7x EV / Revenue
ConsiderationAll cash$17.25 per share
Transaction
- Acquirer
- Alden Global Capital
- Target
- Tribune Publishing Co (TPCO)
- Buyer type
- Strategic
- Offer price per share
- $17.25
- Enterprise value
- $547M
- Status
- Closed May 25, 2021
Deal protections
- Break fee (target pays)
- $20.0M · 3.2%
- Reverse fee (buyer pays)
- $50.0M · 7.9%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Moelis
- To the target
- Lazard
Sector context · Tech
- Comparable deals
- 21 in the prior 24 months
- Premium
- 45.0% vs. 33.3% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.2% vs. 2.9% sector median
Timeline
- AnnouncedFeb 16, 2021
- Proxy filedMar 23, 2021
- Definitive proxyApr 20, 2021
- Shareholder voteMay 21, 2021
- ClosedMay 25, 2021
Valuation · fairness opinions
Trading comparables$10.93$14.59
Precedent transactions$11.85$15.50
Discounted cash flow$15.10$19.27
Discounted cash flow$16.80$21.90
Discounted cash flow$14.52$18.38
Offer $17.25
Implied value per Tribune Publishing Co share by analysis, from Lazard · DCF discount rate 9%–11%.