Tribune Co. shareholders approved an $8.2 billion buyout led by billionaire Sam Zell and must now wait to see if his purchase of the second-largest U.S. newspaper publisher can be completed as planned.
Zell's $34-a-share bid is 21 percent higher than Tribune's closing stock price today. About 97 percent of shareholders voted for the purchase, Chief Executive Officer Dennis FitzSimons said today at a meeting at Tribune's headquarters in Chicago.
``This is the first of key milestones that we think the company needs to complete in the second half of the year in order to get the deal completed,'' said Mike Simonton, an analyst at Fitch Ratings in Chicago, who rates Tribune bonds ``highly speculative'' or lower.
