Bloomberg Report: Tribune to Accept Zell Bid By End of Week

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By: E&P Staff

Bloomberg News reports tonight that Tribune Co., owner of the Los Angeles Times and other papers and TV stations, “will probably accept real estate billionaire Sam Zell’s $8 billion takeover offer by the end of the week, according to people familiar with the matter.”

This is not yet confirmed by others.

“An agreement is likely by Tribune’s self-imposed deadline of March 31, said the people, who declined to be named because no decision has been made,” Bloomberg continues. Zell’s offer of $33 a share is 6.8 percent above yesterday’s close.

Zell spokeswoman Terry Holt didn’t immediately return a call from Bloomberg seeking comment. Tribune spokesman Gary Weitman declined to comment.

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