Zell's bid for Tribune said to be favored

ZELL'S BID FOR TRIBUNE SAID TO BE FAVORED
[SOURCE: Los Angeles Times, AUTHOR: James Rainey, Michael A. Hiltzik and Thomas S. Mulligan]
Chicago real estate mogul Sam Zell has become the leading suitor for Tribune Co. with an $8-billion bid for the company. Investment bankers are working to strike a deal, but many details remain to be ironed out. The company may not be able to meet its self-imposed deadline to conclude deliberations by the end of the month. Los Angeles billionaires Ron Burkle and Eli Broad planned as early as this weekend to present a counteroffer for the company. Tribune did not accept their previous proposal, which called for paying stockholders a $27-a-share dividend. It's possible that Chicago-based Tribune will take yet another route: adopting a plan to reorganize the company without an outside investor and pay shareholders a large dividend. Zell would form an employee stock ownership plan and partner with the ESOP to make his offer of $33 a share. The offer price is 8% over Tribune's closing share price Friday of $30.53.
http://www.latimes.com/business/printedition/la-fi-tribune24mar24,1,2998...
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* Sam Zell Offers $33/Share for Tribune (Associated Press)
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_con...
* Buyer of Distressed Properties Sees Opportunity in Newspapers
http://www.nytimes.com/2007/03/26/business/media/26zell.html

* Tribune Suitors Criticize Auction
[SOURCE: Wall Street Journal, AUTHOR: Sarah Ellison sarah.ellison@wsj.com]
As Tribune Co. leans towards accepting an offer from Chicago real-estate magnate Sam Zell, erstwhile bidders Ron Burkle and Eli Broad are raising objections that Tribune didn't give them fair treatment in the bidding process.
http://online.wsj.com/article/SB117486329823548379.html?mod=todays_us_pa...
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