US: Battle over Tribune Co.

 
Ronald W. Burkle and Eli Broad offered a deal based on employee stock ownership, as did Zell, but offered a dollar more a share and $500 million of their own money compared to Zell’s $300 million. Before this new offer, Tribune Co. planned to decide by Saturday and seemed close to selling to Zell.

The employee stock ownership model, used in both offers to make employees the majority owners, has worked for small companies but has rarely been used for larger ones in the last 20 years.

While Zell has said he would keep the company intact, Burkle and Broad have both separately expressed interest in acquiring only the Los Angeles Times, though their joint plans are not yet known.


Source: The New York Times