NewsGuild Letter to Shareholders, May 4, 2021
In a May 4, 2021, letter to shareholders, The NewsGuild-CWA makes a detailed argument about why investors should vote AGAINST Item #1 on the proxy card for the Special Meeting of Shareholders.
The price being offered by Alden Global Capital is not the highest price available and investors would forego gains by settling for a lower price.
The “fairness opinion” reads more like a litigation defense than a reasoned analysis of the deal. In particular, it did not compare asset sales that Tribune had made earlier.
The Tribune board, TNG-CWA believes, did not adequately vet Alden’s ability to finance the deal. Alden’s three representatives on the Tribune board do not appear to have acted in the best interest of Tribune shareholders.
Tribune Shareholders: On May 21, vote AGAINST Item #1, Alden Global Capital’s bid to takeover Tribune Publishing.