Posted on 07/02/2006 11:52:18 AM PDT by george76
Dissident group says will continue efforts for sale or breakup of company...
Tribune Co. shares gained ground Tuesday, rising as the media company that's been working to revamp operations amid shareholder unrest announced the results of a Dutch tender auction.
Analysts said any gains could prove short lived, however.
Chicago-based Tribune Co said that about 45 million, or 15%, of its common shares were tendered and that it expects to buy the shares at a price of $32.50 each.
The number of shares tendered came in 8 million short of the maximum that the company had initially authorized in the buyback.
The Chandler Trusts said it will continue its "efforts to bring about positive change for the benefit of all Tribune stockholders."
"We, like many other non-tendering stockholders, believe there is greater value to be realized through prompt and meaningful strategic action," a spokesman for the Trusts said in a statement on Tuesday.
"The noise made by the Chandler Trusts demanding a sale or breakup of the company seems to have provided investors with the belief that the shares will ultimately be worth more than where they are currently trading, despite continued lackluster fundamental prospects," Bear Stearns analyst Alexia Quadrani said.
In a note to clients, she wrote that she expects a drop in the shares "once investors refocus on the company's challenging outlook in both its newspaper and broadcast divisions.
The trust holds more than 14% of Tribune Co.'s outstanding shares and has said it would not tender any stock in the auction.
The buyback figure is preliminary...
(Excerpt) Read more at marketwatch.com ...
Quarterly Data ... Net Income... All numbers in thousands of dollars
Period Ending..... 26-Mar-06 ..... 26-Jun-05
Net Income ..... 102,764 ..... 233,390
The Enronning continues.
Maybe the Chandler Trust will do the same to TRB like what Walt Disney's brother did to Disnery and Eisner.
I just wonder how "authentic" those bricks are and how they can prove it. :^)
I don't fancy this bunch any more than you do, but let's do get our facts straight. Wouldn't want anyone to compare you to, say, the DUmmies as regards facts, right?
Are the "Authentic" brinks made in China ?
(Parquet because it was made during WWII with wartime rationing.)
The management is trying to "sell" their story...that dropping net income is somehow ok.
The Chandler Group is not "buying" the managements story.
The management is trying to get other current shareholders to "sell" their existing shares. For whatever reasons, and there are several, many existing stock holders did not "buy" managements efforts.
Some, like the Chandlers, believe that TRB would be worth more with different management an/or broken up. The little pieces may be worth more than the whole.
...many existing stock holders did not "buy" managements efforts.
No. Many existing stock holders did not sell their shares. No quotation marks required. There are any number of reasons why a shareholder might not wish to sell shares, only a small fraction of which have anything at all to do with management.
I am not trying to spin my way out of an out right error.
This was my title on my thread for a reason.
Like other liberal media management, the liberal Tribune management is trying to convince their readers and their stockholders that their view of the world is correct.
The Chandler Group is not accepting the managements agenda.
We are not accepting the managements agenda either.
SAJ is right. The results indicate more than the expected number of people/institutions wanted to hold onto their shares. They were given the chance to bail and didn't.
Now don't forget, Roy had all of us helping him.
Actually, the shareholders can sell anytime they want to. TRB is listed on the NYSE which is open from 9:30am to 4:00pm EDT every business day. Various after-hours electronic markets trade it, too.
But no matter how you slice it, the board voted to borrow money to prop up their stock price. Companies can only do that for so long. Sooner or later TRB will have to figure out how to deliver enough eyeballs to advertisers such that their revenue will grow faster than their expenses. It's not really complicated...
This was in yesterday's NY Times. Warning! Burkle alert
Yearning to Put Papers Back in Local Hands
http://www.nytimes.com/2006/07/01/business/media/01paper.html?_r=1&oref=slogin
And this was in today's Chicago Tribune...
Newspaper family holds little love for the press
http://www.chicagotribune.com/business/chi-0607020007jul02,1,3737541.story?coll=chi-business-hed
Yep. The usual reason for not tendering is that the shareholder believes the share price will be higher in future. Not exactly nuclear physics.
My intent always was to express that the liberal management in their efforts to add to their shares fell short.
My intent was to express that the Chandler Group was going to continue efforts for sale or breakup of company. And they would not tender any stock in the auction.
I am sorry that my use of buyers is not clear.
Would this replacement phrase be acceptable ? ... Dinos got fewer offers than expected.
In any event, I was not and I am not now trying to spin my way out of an out right error.
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