Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, has opened an investigation into the proposed acquisition of Tribune Publishing Co. (NASDAQ: TPCO) by Alden Global Capital LLC. Alden Global Capital is already the largest shareholder in Tribune Publishing, and has reached an agreement to buy the rest of the Company for $17.25 per share. Block & Leviton is investigating the fairness of the transaction and potential breaches of fiduciary duty by Tribune Publishing’s Board of Directors and Alden Global Capital.
This proposed transaction values Tribune Publishing at approximately $630 million. The proposed acquisition requires shareholder approval. If the deal is approved, Tribune Publishing would no longer be publicly traded.