Tribune board will consider $680M bid after approving lower offer

Efforts to buy the publisher of the New York Daily News and the Chicago Tribune are heating up yet again.

On Monday, Tribune Publishing said the special committee advising its board on a sale has given the thumbs up for the company to start reviewing a $680 million buyout offer by hotel magnate Stewart Bainum and Swiss-born investor Hansjorg Wyss. The Bainum/Wyss offer, made through their newly formed Newslight joint venture, offers to pay Tribune shareholders $18.50 a share in cash — rivaling a $17.25-per-share cash offer by hedge fund Alden Global Capital.