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Submitted: February 7, 2007 - 10:38am
Last updated: February 21, 2008 - 5:45am
Last updated: February 21, 2008 - 5:45am
CHICAGO MAGNATE MAY BID FOR TRIBUNE
[SOURCE: Chicago Tribune, AUTHOR: Michael Oneal and Becky Yerak]
Chicago real estate magnate Sam Zell has emerged as a potential bidder for Tribune Co. Zell, whose Equity Office Properties Trust is the target of one of the biggest bidding wars in Wall Street history, has approached the Chicago-based media company with a complicated proposal that may include taking an equity stake while adding debt to fund a large dividend for shareholders. One person said Zell had spoken with Tribune's second-largest shareholder, the McCormick Tribune Foundation, about his interest in trying to structure the deal. Zell probably would need the foundation's support to make a deal work. The foundation is run by current and former Tribune Co. executives, including former Chairman and Chief Executive John Madigan and current Chairman and CEO Dennis FitzSimons.
http://www.latimes.com/business/printedition/la-fi-tribune7feb07,1,3600294.story?coll=la-headlines-pe-business
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