Mr. Bainum, the chairman of Choice Hotels International, one of the world’s largest hospitality chains, has been trying to put together an acceptable offer for Tribune for months. That plan went awry over details of operating agreements that would be in effect as the Maryland papers transitioned from one owner to another, prompting Mr. Bainum to set his sights on all of Tribune. But Tribune was unswayed, saying it wanted proof that Mr. Bainum had the financing to back his proposal. Under the plan, Mr. Bainum would have spent $100 million of his own money and Mr. Wyss would have come through with the rest. Tribune announced on April 5 that the offer from Mr. Wyss and Mr. Bainum was likely to lead to a “superior proposal.” But less than two weeks later, Mr. Wyss abruptly backed out, forcing Mr. Bainum to revise his bid and seek new deal partners.

Source: New York Times April 30, 2021 15:56 UTC