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Annie Baxter
St. Paul, Minn.

Publisher, Timberwolves owner withdraw Star Tribune bid

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The owner of the Minnesota Timberwolves and a Minneapolis publisher are holding off on becoming part owners of the Star Tribune for now, but haven't ruled out another bid.

Timberwolves owner Glen Taylor and publisher Vance Opperman had put in a bid to acquire an ownership stake of 25-35 percent of the Star Tribune's equity. The two men made their offer through an investment fund they co-own.

A lawyer for the investment fund says the paper's current owners offered to sell less than a 25 percent equity stake, so Taylor and Opperman declined to proceed. The lawyer said it's unclear if the pair will make another offer.

Their bid was valued at $16.41 a share and some media experts have suggested that the Star Tribune's owners may have thought the bid undervalued the paper, which emerged from bankruptcy September.