Tribune Tender Offer Draws 224 Million Shares
May 25, 2007 at 5:33 AM (PT)
TRIBUNE CO. says that its stock tender offer, which expired THURSDAY afternoon, resulted in 224 million shares being tendered by shareholders, representing about 92% of outstanding shares. The buyback is part of SAM ZELL's deal to buy the company through a partnership with a new employee stock ownership plan.
Shares will be purchased on a pro-rata basis because more than 126 million shares were tendered; odd lot blocks of less than 100 shares will not be pro-rated.