Tribune to go private for $34 a share; plus more stocks in the news Monday
First Data (FDC) agrees to be acquired by a Kohlberg Kravis Roberts unit in a $29 billion deal. Terms: $34 cash per First Data share, representing a premium of about 26% over First Data's closing share price on Mar. 30.
Tribune Co. (TRB) agrees to go private for $34 per share. Upon completion, the company will be privately held, with the employee stock ownership plan, or ESOP, holding all of Tribune's stock, and Sam Zell holding debt and a warrant entitling him to 40% stock.
Global Imaging Systems (GISX) agrees to be acquired by Xerox Corp. in a $1.5 billion deal. Terms: $29 cash per Global Imaging share.
Starwood Hotels (HOT) Steven Heyer resigns as CEO and director. The chairman says issues with regard to his management style led it to lose confidence in his leadership. Starwood Hotels reaffirms its first quarter and full year 2007 guidance.
Altria Group (MO) announces the completion of a spin-off of Kraft Foods. Terms: 0.692024 Kraft shares per Altria Group share held.
Allied Defense Group (ADG) CFO Robert Dowski resigns to pursue opportunities with a privately held, venture backed firm. The company names Deborah Ricci CFO.