TRIBUNE ACQUISITION: Times Mirror deal creates big payday .(Brief Article)(Statistical Data Included)

Pensions & Investments, March, 2000 by Barreto, Susan

CHICAGO -- Times Mirror shareholders will walk away billions of dollars richer in the merger agreement with Tribune Co. Overall, institutional shareholders could rake in $2.6 billion in the $8 billion merger deal. That is, if they are able to take advantage of the Tribune Co.'s $95-per-share cash tender offer for up to 28 million Times Mirror shares (which is approximately 48% of the shares outstanding).

As it now stands, the largest institutional shareholder -- Putnam Investments Inc. -- could make $241 million from the merger. Harris Associates LP would earn $62 million and Banc of America, $13 million. Overall, institutions held 28 million shares of Times Mirror stock as of the end of 1999. In the hours after the announcement last week, Times Mirror Co. stock...