Tribune Company (NYSE:TRB) shares moved down $0.33, or 1.08%, to $30.19 after the company hinted on Saturday that it might not go through with a sale of the company. William Osborn, chairman of the special committee to explore strategic alternatives, sparked the controversy by saying that the company was currently exploring its options which include "potential transactions involving third parties as well as actions the company may take alone". According to an article in the Chicago Tribune, these actions could include assuming a substantial amount of debt to issue a special
dividend to shareholders, selling or spinning off broadcast assets, or assembling a smaller leveraged buyout than originally expected
to take the company private.
This news comes after shares rose more than 4% last week when the company received a $31.70 per share offer disclosed by the Chandler Trusts - the company's largest shareholder. The offer - which remains the best on the table - involves $19.30 per share in cash combined with stock from a spin off of the company's broadcast and entertainment business. The Board of Directors is also reviewing two other bids, including a $500 million bid for 34% of the company by two billionaire investors as well as the Carlyle Group's bid for the company's broadcast assets. Regardless, this is definitely a stock to keep on the radar as many people have a keen interest in the company.
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