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The deal for a group, lead by investor Sam Zell, to buy The Tribune Company (TRB) may be in trouble. According to The Chicago Tribune "Tribune Co. executives were sweating out aggressive last-minute questioning Tuesday from bankers reluctant to fund the final portion of a debt-laden $8.2 billion deal."
If the deal breaks apart it will be a brutal blow to TRB shareholders. Shares are down 6% today, but the offer to take the company private has kept the stock fairly high. Over the last six month TRB shares are up 10%. Those of rival Gannett (GCI) are off 35%.
In the absence of a buy-out, it would not be hard to imagine a correction from the current price of $31.41 down to $20.
Douglas A. McIntyre
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