Broad/Burkle top Zell's offer
The L.A. billionaires' revised bid is $8.2 billion, or $34-a-share, which includes $500 million in equity. Zell's bid was $33-a-share, which includes $300 million in equity. The LAT quotes another one of those unnamed people as saying that Broad and Burkle would structure the deal with an employee stock ownership plan - just as Zell has proposed. So what's the Tribune board supposed to do now? It was ready to do the Zell deal - as early as tomorrow by some accounts. It's hard to believe that's still going to happen. As for Zell, will he come back with a slightly higher bid or just take his chances at $33? The stock has been gaining ground in recent days, in anticipation of a last-minute surprise. It closed today at $31.53.
6:11 PM Thursday, March 29 2007 • Link
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Lee Abrams, Tribune Company's chief innovation officer, doesn’t seem too impressed with the Los Angeles Times. That’s the feeling I got when he appeared at the Los Angeles Press Club.
Seven or fifteen minutes from now I can definitively say I didn't hear the sound of sirens.
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