No decisions yet from the Tribune board — as far as anyone outside the board knows — but the Chicago Tribune reports that negotiations with hometown developer Sam Zell were ongoing Sunday night. Zell could wind up as chairman of the company, which would be taken private as part of the debt-reliant deal now valued at $13 billion. That amount could go up.
NYT/IHT: Tribune execs are pushing for a higer bid from Zell. If he refuses, it’s unclear what would happen to the competing bid from Ron Burkle and Eli Broad. The NYT reports that the board met Sunday morning and rejected Zell’s latest offer, giving him 12 hours to make a new offer. The paper also reports that one reason the board wants to work with Zell is his offer is more detailed and could close sooner.
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