Alden Global Capital LLC made an offer to acquire remaining 68.4% stake in Tribune Publishing Company (NasdaqGM:TPCO) from Patrick Soon-Shiong and others for approximately $360 million on December 14, 2020. The offer per share is $14.25. Alden Global Capital LLC entered into definitive agreement to acquire remaining 68.4% stake in Tribune Publishing Company (NasdaqGM:TPCO) for approximately $360 million on February 16, 2021. The purchase price is amended from $14.25 per share to $17.25 per share. Alden Global can fully finance the transaction with cash on hand, as a result of which there will be no financing conditions and will not require third party debt or equity to finance the transaction. If the agreement is terminated by Tribune, then Tribune will be liable to pay a termination fee of $20 million to Alden. If the agreement is terminated by Alden then it will pay $50 million as liquidation damages. Upon completion of the transaction, Tribune will become a privately held company, and its common stock will no longer be listed on any public market. The transaction is subject to approval and recommendation by the special committee of Board of Tribune and holders of two-thirds of Tribune’s stock, among other things, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as well as other customary closing conditions. The transaction has been approved by the Tribune's board of directors on unanimous recommendation of the special committee. The board of directors of Tribune recommend the shareholders to vote "FOR" the transaction. On May 4, 2021, The NewsGuild–Communications Workers of America advised shareholders to vote against the proposal of acquisition by Alden Global on shareholder meeting to be held on May 21, 2021. As of May 21, 2021, Shareholders of Tribune Publishing approved the takeover of transaction. The transaction is expected to close in the second quarter of 2021. As of May 21, 2021, the transaction is expected to close on May 25, 2021. As of December 31, 2020, Tribune has designated a special committee of Board of Directors in respect of the acquisition proposal made by Alden Global Capital. Moelis & Company LLC acted as financial advisor to Alden Global. David D'Urso, Ross Karlik, Timothy Clark, Jeff Kochian and Eli Miller of Akin Gump Strauss Hauer & Feld LLP acted as legal counsel for Alden Global. Lazard acted as financial advisor and provided fairness opinion as well, and Harold Birnbaum of Davis Polk & and Wardwell LLP acted as legal counsel for special committee of Tribune. Alden Global Capital LLC completed the acquisition of remaining 68.4% stake in Tribune Publishing Company (NasdaqGM:TPCO) from Patrick Soon-Shiong and others on May 24, 2021. Terry Jimenez received $1.734 million in equity compensation, while three other non-Alden board members and the company’s interim Chief Financial Officer also received payouts as a result of the merger. Tribune Publishing, which trades on the Nasdaq under the symbol TPCO, will be delisted as a result of the transaction.