Magazine article Editor & Publisher

Tribune's Press Release on Deal

Magazine article Editor & Publisher

Tribune's Press Release on Deal

Article excerpt

The Tribune Company's lengthy press release on its sale to Sam Zell this morning opens: "With the completion of its strategic review process, Tribune Company (NYSE: TRB - News) today announced a transaction which will result in the company going private and Tribune shareholders receiving $34 per share. Sam Zell is supporting the transaction with a $315 million investment. Shareholders will receive their consideration in a two-stage transaction.

"Upon completion of the transaction, the company will be privately held, with an Employee Stock Ownership Plan (ESOP) holding all of Tribune's then- outstanding common stock and Zell holding a subordinated note and a warrant entitling him to acquire 40 percent of Tribune's common stock. Zell will join the Tribune board upon completion of his initial investment and will become chairman when the merger closes.

"The first stage of the transaction is a cash tender offer for approximately 126 million shares at $34 per share. …

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