Tribune Publishing Company (NasdaqGM:TPCO) said it appointed a special committee to review a buyout bid proposed by its largest shareholder, New York hedge fund Alden Global Capital LLC. Tribune said it had named three independent members of its board to the special committee to explore Alden’s offer, and had engaged Lazard as its financial adviser and Davis Polk & Wardwell LLP as its legal counsel. “No assurance can be given that Alden’s proposal, or any other transaction, will be consummated,” Tribune said in a statement on December 31, 2020 evening. A transaction is complicated by a standstill agreement Alden had signed at the beginning of 2020 in exchange for a third seat out of seven on Tribune’s board. The agreement expires after June of this year, so any deal to increase the stake would need a signoff from the board and the support of two-thirds of the company’s shareholders.