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Tribune buyout proposal by Chandler backed by debt commitment from three banks
By Sara Rosenberg
New York, Jan. 18 - Tribune Co.'s buyout bid by it largest shareholder, The Chandler Trusts, is being backed by a debt financing commitment from Goldman Sachs, Merrill Lynch and Citicorp, according to an SC 13D/A report filed with the Securities and Exchange Commission on Thursday.
Under the buyout proposal, Tribune stockholders would receive $19.30 in cash per share and all of the outstanding shares of Tribune Broadcasting, a new company that will be formed through the spinoff of some of Tribune's broadcast and entertainment businesses.
Other buyout financing would come from $645.9 million in equity commitments, which are expected to be in place upon execution of a definitive merger agreement.
Tribune is Chicago-based media and entertainment company.
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