Stock price rose nearly 5% yesterday on news that activist investor Nelson Peltz has been enlarging his holdings and has had contact with the Chandler family, according to a Wall Street Journal story.
Nelson Peltz, who disclosed Monday that he has purchased a stake in the Tribune Company, contacted the company’s dissident sharehholder, the Chandler family, in May and discussed breaking up the media concern. News of the possible cooperation between the two investors pushed Tribune’s share price up $1.46 to $31.24, according to a story in the Marketplace section of today’s Wall Street Journal.
Peltz, through an investment partnership called Trian, owns a 1.2% stake in Tribune. His contact with the Chandler family indicates the investment may not be passive.
Recently, the Chandler family and Tribune management have agreed to settle their differences in private, although talks are known to be slow moving.