BNET Daily Dispatch: Tribune, Xerox, KKR, and Starwood Hotels
- The Tribune Co. said today it accepted real estate magnate Sam Zell's bid to take the company private, and it plans to sell the Chicago Cubs after the 2007 baseball season. The deal values Tribune, publisher of Los Angeles Times and Chicago Tribune, at around $8.2 billion and is structured as an employee stock ownership plan. The deal comes six months after Tribune began seeking offers last fall.
- Xerox said today it's buying Global Imaging Systems, a company that sells printers and copiers to mid-size businesses, for $1.5 billion. Xerox said the acquisition would help it expand its reach in the small and mid-sized business markets.
- Kohlberg Kravis Roberts agreed today to acquire First Data, a credit card and payment processor company, for about $29 billion in the second-largest buyout ever. The deal ranks only second behind KKR's and Texas Pacific Group's takeover of TXU in size. This is the latest deal in a series of high-profile leveraged buyouts of U.S. companies.
- Starwood Hotels & Resorts announced today that C.E.O. Steven Heyer has stepped down after having several disagreements with the company's board over his management style. The move stunned analysts who say the company's overall strategy is sound. Some analysts say Heyer's resignation may signal that the company may be sold. Starwood owns more than 400 hotels including St. Regis, Sheraton, Westin, W Hotels, Aloft, and Element hotels.