Tribune Fails to Complete Buyback Amid Investor Fight http://www.bloomberg.com/apps/news?pid=20601087&sid=aXmHI2Yv2ujo&refer=home
From the article:
June 27 (Bloomberg) -- Tribune Co., the second-largest U.S. newspaper publisher, failed to meet its goal of buying back about 25 percent of outstanding shares amid a fight with its second-biggest shareholder.
Shareholders agreed to sell about 45 million shares at $32.50, Chicago-based Tribune said today in a statement distributed by PR Newswire. That's 85 percent of the 53 million shares the company planned to buy through a so-called Dutch auction process.
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"Chandlers Seek Potential Allies In Family's Fight Over Tribune"
As the first phase of Tribune Co.'s contentious $2 billion stock buyback ended with weaker-than-expected shareholder participation, the Chandler Trusts were planning their next move in their battle with the newspaper and broadcast company.
The Chandler family, which owns its Tribune shares through the trusts and will become the company's largest shareholder in the wake of the buyback, is preparing to meet with private-equity and other investors, according to people familiar with the family's plans.
The Chandlers are trying to drum up support for a breakup or sale of all or part of Tribune, these people said.
Among those with whom the Chandlers plan to meet are people who have expressed interest in buying individual Tribune newspapers, such as the Los Angeles Times.
Among those who have indicated interest in the Times are entertainment mogul David Geffen, supermarket investor Ronald Burkle and philanthropist Eli Broad.
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