NEW YORK: Swiss billionaire Hansjoerg Wyss will drop out of a group that was bidding for Tribune Publishing Co, according to people familiar with the situation, dealing a setback to a US$681mil (RM2.79bil) takeover attempt.
Wyss had teamed up with Choice Hotels International Inc chairman Stewart Bainum Jr on the US$18.50-a-share offer, which topped a rival bid from hedge fund Alden Global Capital. But after conducting due diligence for the past two weeks, Wyss decided not to go forward with the proposal, according to the people, who asked not to be identified because the deliberations are private.