Mar 29, 2007 8:37 pm US/Pacific
Eli Broad, Ron Burkle Up Bid For Tribune Company
LOS ANGELES (AP) ―
The Associated Press has learned billionaires Eli Broad and Ron Burkle upped their bid Thursday to buy Chicago-based media company Tribune Company offering a total deal that would exceed that currently being offered by real estate magnate Sam Zell.
According to a source that asked to remain anonymous, Broad and Burkle sent a letter to the Tribune board offering $34 per share in a recapitalization scheme that would involve an employee stock ownership plan.
The two Los Angeles billionaires also offered to contribute $500 million cash to the deal.
The offer exceeds Zell's bid of $33 per share.
The competing offer by Zell had been thought to be the company's favored choice. Zell's bid is reportedly valued at about $8 billion, excluding debt.
Tribune Company is the owner of Chicago Tribune, the Los Angeles Times and KTLA.
(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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