Tribune Receives a Higher Bid

Ronald Burkle and Eli Broad, two L.A. billionnaires, have made a last minute bid for the Tribune Co. of $34, topping Sam Zell's offer by one dollar.  Like Zell's, it involves the use of an ESOP.  The Tribune board has been considering bids for some time and meets on Friday to consider the bids.  See NYTimes, 2 Billionaires Make Offer for Tribune ; WSJ, Tribune Suitor Zell Is Used to Bucking Trends.