Law360, New York (September 20, 2006, 12:00 AM ET) -- Shareholders of Tribune Co. have accused the media holding company of using a stock-buyback plan to ward off a takeover attempt, filing a lawsuit against the company and most of its directors in an effort to block the move.
The suit, filed in the U.S. District Court for the Northern District of Illinois, alleges “the share repurchase plan was designed to and has had the effect of creating a defensive barrier ... akin to a 'suicide pill,' that significantly decreases the likelihood that any potential acquirer...
Shareholders Seek To Block Tribune Poison Pill
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