If you tendered shares for the Tribune Company phase one buyout by Sam Zell and the new ESOP, you will get to sell approximately 57% of the shares you offered to sell at 34 bucks each. After counting all of the shares tendered – 218,132,108 – for the buyback of 126,000,000 and accepting all of the odd lots under 100 shares, Tribune says the proration factor for the rest of the shares tendered is 0.5771140650.
In other words, 57.7% of the shares will be cashed out and the remainder returned to the current shareholders, who will remain shareholders until phase two gets regulatory approval (or they sell them to someone else in the stock market). For the shares accepted in the tender, Tribune said the cash payouts will be made promptly, no later than Tuesday, June 5th.
