Facing immense pressure from two large institutional shareholders, Knight Ridder‘s board didn’t put the company on the block today but took the often ominous exploring-strategic-alternatives approach in a press release today: “There can be no assurance that the exploration of strategic alternatives will result in any transaction. The company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction.”
The company also amended some bylaws that seems to open up the April 16, 2006 annual meeting, which the company says could be postponed. SEC filing.
Update: Memo from Chairman and CEO Tony Ridder to KR staff: “a big part of all of our jobs will be to stay focused. Nothing could be more critical to the best outcome of the process we’re now in than that we run our businesses well.” Includes a detailed FAQ with this: “There is a wide range of possible outcomes which include the sale of Knight Ridder, restructuring the company or engaging in some other form of transaction or maintaining the company in its current form.”
BizJournals: Denver financier Phil Anschutz is considered to be a short list of potential buyers for KR…Anschutz, who also founded Qwest, entered the newspaper business in 2004 with the purchase of the San Francisco Examiner. He followed that up earlier this year with the Washington Examiner. He has announced plans to launch the Baltimore Examiner, another free newspaper, in the spring.
Related:
– Investor Turns Up Heat on Knight Ridder For Sale
– More Shareholders Want Knight Ridder Sale
– Knight Ridder’s Largest Shareholder Wants A Company Sale
– Who Would Buy Knight Ridder?
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