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The company also rejected on Monday
Gannett Co Inc's latest takeover offer, but said it would allow the
publisher of USA Today access to some confidential corporate
information.
Los Angeles-based Soon-Shiong, through his fund Nant Capital LLC,
will hold about 12.9 percent in Tribune and join the publisher's
board as vice chairman on June 2.
Soon-Shiong, a South African-born surgeon, is part-owner of the Los
Angeles Lakers basketball team. He founded two drug companies, which
he sold for a total of $8.6 billion.
Nant Capital has also entered into a standstill agreement with
Tribune, limiting its ability to raise stake in the publisher.
Reuters reported on Sunday that Tribune was planning to reject
Gannett's offer, valued at $864 million including debt.
Tribune said on Monday that the $15 per share cash offer by Gannett
was not in the best interests of shareholders. Gannett had raised
its offer last week from $12.25 per share.
Oaktree Capital Management LP, a major shareholder of Tribune, urged
the company to form an independent board to consider the proposal,
according to a filing. (http://bit.ly/22lAILv)
Oaktree owned about 4.7 million shares of Tribune, or 14.8 percent
stake, as of May 20, according to Thomson Reuters data.
Tribune said it had determined that a committee was not "appropriate
or necessary."
The company's shares were down 8.2 percent at $13.06 in light
premarket trading.
(Reporting by Narottam Medhora in Bengaluru; Editing by Kirti Pandey)
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