Shareholders Seek To Block Tribune Poison Pill

Law360, New York (September 20, 2006, 12:00 AM EDT) -- 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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.