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Tribune "Dutch Auction" Leads to 45 Million Share Buyback
June 27, 2006 at 2:07 PM (PT)
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TRIBUNE CO.'s "Dutch auction" resulted in the company planning to buy back about 45 million shares of its stock at $32.50/share. The process, bitterly opposed by members of the CHANDLER family who hold 12% of the company from their sale of TIMES MIRROR to TRIBUNE in 2000, ended MONDAY; TRIBUNE also plans to buy an additional 10 million shares at the same price from the MCCORMICK TRIBUNE FOUNDATION, and will later buy back 20 million more shares on the open market. The CHANDLERS, whose three votes on the TRIBUNE board were cast against the buyback, had been calling for the breakup of the company, which owns one radio property, WGN-A/CHICAGO.

