Monday, October 23, 2006
Closer and Closer
Lest you think a sale of the Trib is a forgotten issue, think again:
So far, three contenders have emerged: one group consisting of Madison Dearborn Partners, Providence Equity Partners, and Apollo Management; a second group consisting of Thomas H. Lee Partners and Texas Pacific Group; and Carlyle Group. It is unclear whether the latter will bid alone or join a consortium of buyers.
The Wall Street Journal said the Chandler family, which is Tribune's largest shareholder, would accept an offer in the mid-$30s per share. The stock closed Friday at $32.31.
Tribune hopes to close a deal by the end of the year, the newspaper reported.
There are 69 days left in the year. If they plan to close before year end, expect announcements sooner rather than later. Closing takes tons of legal and financial work. To get that done by year end means that the bidding must nearly be over.
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