Real estate mogul Sam Zell will control a minority of Tribune Co.’s board if shareholders approve his bid for the company, but would have the power to veto major transactions, according to a regulatory filing.
Zell’s $8.2 billion bid to take the publisher and broadcaster private gives him the right to appoint two of six directors, and a warrant to buy 40 percent of the company.
At least one of his directors would have to approve any transaction of $250 million or more, according to a filing on Thursday with the U.S. Securities and Exchange Commission.
