By: E&P Staff
The Chandler family, sitting unhappily on a 20% stake in Tribune Co., will not challenge two directors on the board of the Chicago media giant.
In an unbylined article Friday, the flagship Chicago Tribune reported that the filing deadline to nominate directors had passed with no action from the family. The paper reported the Chandlers had asked Tribune to extend the deadline, and when the company refused the request, they decided not to nominate their candidates.
The Chandlers reportedly have made an offer they value at $7.6 billion for Tribune. It is one of three offers for the company made during the ongoing auction process, and, like the others, is apparently regarded as a non-starter by the independent directors conducting the possible sale.
Two separate offers are reportedly in the works from Tribune management, and from Sam Zell, a local real estate billionaire.