Alden Global Capital said Thursday its valuing Tribune Publishing at $521 million or $14.25 a share.

That's an 11.4% premium to Tribune's closing price Wednesday.

Tribune shares shot up 9% in early trading Thursday.

Holden is the company's biggest shareholder with a one third stake in the newspaper chain, whose other titles include The Baltimore Sun, Orlando Sentinel and the Hartford Current.

The Wall Street Journal says the hedge fund took a seat on the Chicago Tribune Publishers board in July in exchange for an agreement to extend a deal that prevents Olden from boosting at stake or making AH hostile bid for Tribune until after June 2021.

Tribune did not immediately respond to a request for comment.