MediaBuyerPlanner: Ron Burkle and Eli Broad have made a last-minute bid for the Tribune Co., after having requested additional financial information earlier this week. Their offer topped the offer from real estate magnate Sam Zell by a dollar a share.
According to someone with knowledge of the offer, the two Los Angeles billionaires sent a letter to Tribune management, saying that, like Zell, they would structure a deal based on an employee stock ownership plan, writes The New York Times. They offered $34 per share.
The proposal would give Burkle and Broad 40 percent of the company, with the remaining 60 percent transferred to employees, according to the source. The employee stock ownership plan is a device which has been successful for many small companies but has had mixed results for larger companies, according to the article.
Related stories:
- L.A. Billionaires May Still Have Shot at Tribune Co.
- Tribune Co. Won’t Sell off Any More Papers
- Chicago Billionaire Zell May Bid for Tribune Co.
- Tribune Co. Unlikely to Accept Chandler Family Offer
- LA Billionaires Compete with Chandler Family for Tribune Co.
- Merrill Lynch: Tribune Not Likely to Receive Attractive Offers
- Tribune Co. Declines Geffen’s $2B All-Cash Offer (for Now)
- Tribune Co. Delays Decision on Break-up or Sale
