Last-Minute Bid for Tribune Company
Posted on: Friday, 30 March 2007, 03:00 CDT
Two Los Angeles businessmen put in a bid for the Tribune Company late Thursday, offering more than Chicago developer Sam Zell, The New York Times reported.
In a letter to the company, Ronald Burkle and Eli Broad said they would like an employee stock ownership plan. They offered $34 per share, $1 more than Zell, and said they would invest $500 million.
The Tribune Company owns the Chicago Tribune, Los Angeles Times, television stations and the Chicago Cubs. The company has about 20,000 employees.
Like Zell, Burkle and Broad want to give employees majority ownership of the new company, the Times said. The Burkle-Broad plan would give them 40 percent of the company.
The Chandler family -- the former owners of the Los Angeles Times and the largest stockholders in the company -- forced Tribune to put itself up for sale six months ago.
The Tribune Company had set Saturday as a deadline for bids.
Source: United Press International
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