The Tribune Company board was supposed to announce results of its months-long navel-gazing/auction Saturday. But revised — upwards — bids from Chicago billionaire developer Sam Zell and the team of LA billionaires Ron Burkle and Eli Broad have tossed yet another spanner in the works, according to various reports.
WSJ (sub. req.): The revised Zell leveraged buyout is worth $33 a share; attributed to someone familiar with their plans, a letter delivered Thursday night has the Bs promising their own ESOP deal worth $34 a share, including $500 million in cash. Both deals have the bidder becoming chairman or co-chairmen.
AP: “The new bid from Broad and Burkle is valued at about $8.1 billion and represents an 11 percent premium over Thursday’s closing share price of $31.53.”
Rafat adds: Also, Ken Doctor has some good questions on the future of the company, post-whatever-happens Saturday.
Related:
— <a href="http://www.paidcontent.org/entry/419-tribune-watch-as-zells-bid-gains-preference-burkle-and-broad-may-issue-/" title="Tribune Watch: As Zell
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