Tribune Shareholders OK Buyout Deal
August 21, 2007 at 11:38 AM (PT)
As expected, TRIBUNE shareholders voted to approve the $8.2 million plan by SAM ZELL to take the company private, with 97% of shares voting in favor of the $34/share deal. The vote was taken at a special shareholder meeting TODAY (8/21).
The deal is still dependent on ZELL's financing holding up, which has become a question in the credit crunch affecting the U.S. economy in recent weeks. TRIBUNE CEO DENNIS FITZSIMONS says that the deal includes a provision dealing with financing pull-outs, but said, "We don't anticipate, nor do our financing sources anticipate, an invocation of that clause." FITZSIMONS told a briefing after the vote that he still expects the deal to close in the fourth quarter.