ndependent directors reject the former L.A. Times owners' contention that a stock buyback plan is 'hasty and ill-informed.'
The sniping over the future of Tribune Co. escalated Thursday as the media conglomerate's independent directors responded to this week's scathing attack on the company by the former owners of the Los Angeles Times.
The directors denounced as "untrue" and "unfounded" the Chandler family's allegations — leveled in a regulatory filing Wednesday — that Tribune's board acted rashly in launching a $2-billion stock buyback now underway.
"We completely reject your assertion that the action of Tribune's board in authorizing the tender offer was 'hasty and ill-informed,' " the directors said in a letter addressed to the two Chandler trusts that control 12% of the company's stock and thus are the company's second-biggest shareholders.
See full Article.
Posts
