Election Results From the Times Mirror Stockholders

Shareholders of the Times Mirror Company have decided how they want to get their money from the merger of Times Mirror and Tribune.
On June 12, Tribune acquired Times Mirror for $8 billion in cash and stock. Under the agreement, Times Mirror stockholders could receive either $95 or 2.5 shares of Tribune common stock for each share of Times Mirror common stock.
27.2 million stockholders elected the stock option, while 10.6 million elected for cash. Because the cash was oversubscribed, those holders will receive $41.70 and 1.4 shares of Tribune common stock. Cash payments will be made in lieu of issuing fractional shares and the settlement was to begin on Thursday, June 29.
Paul Cogan