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Billionaire pair makes bigger bid for Tribune
The new offer for the media company is reported to exceed the bid by Sam Zell.
Associated Press
Published March 30, 2007
LOS ANGELES - Billionaires Eli Broad and Ron Burkle sweetened their offer Thursday for Tribune Co., surpassing the $8-billion bid made by real estate magnate Sam Zell just ahead of the deadline for the Chicago-based media company to announce its future plans, a person familiar with the offer told the Associated Press. Broad and Burkle sent a letter to the Tribune board offering $34 per share in a recapitalization effort that would involve an employee stock ownership plan, the person said. 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. The revised offer exceeds Zell's bid of $33 per share. The nation's second-largest newspaper publisher by circulation, which owns 11 dailies including the Chicago Tribune, Los Angeles Times, Orlando Sentinel and South Florida Sun-Sentinel, is also said to be considering a "self-help" plan that would involve spinning off the company's broadcast division and borrowing money to pay a one-time cash dividend to shareholders. Zell spokeswoman Terry Holt, Broad spokeswoman Karen Denne and Tribune spokesman Gary Weitman all declined to comment Thursday on the latest bid.
[Last modified March 29, 2007, 22:40:24]
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