MediaBuyerPlanner: After several bids from from a number of parties – including seven private equity firms, the Chandler family and a few billionaires – and a long process of consideration, the Tribune Co. has at last accepted an offer. Chicago real estate mogul Sam Zell has been successful in his complicated bid that will result in shareholders receiving $34 per share.
The estimated $8.3 billion deal will result in the company going private, with Zell supporting the transaction with a $315 million investment, writes Mediaweek. Zell will join the Tribune board and will become chairman as soon as the deal is complete. Los Angeles billionaires Eli Broad and his partner Ron Burkle also offered a complex bid for the company, and they raised their bid last week to top Zell’s offer.
Zell apparently raised his deal as well, to beat out the partners.
Tribune also announced that it plans to sell the Chicago Cubs following the 2007 season, subject to approval of Major League Baseball.
Related stories:
- Billionaires’ Last-Minute Bid for Tribune Tops Zell’s Offer
- 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
- Merrill Lynch: Tribune Not Likely to Receive Attractive Offers
- Seven Private Equity Firms – Plus Billionaires – Court Tribune Co.
- Tribune Co. Declines Geffen’s $2B All-Cash Offer (for Now)
