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Opperman bid for stake in Star Tribune
A couple of Minnesota's best-known businessmen have launched a bid being minority those who own the Star Tribune,[link widoczny dla zalogowanych].
Glen Taylor,[link widoczny dla zalogowanych], owner of the Minnesota Timberwolves,[link widoczny dla zalogowanych], and Minneapolis publisher Vance Opperman want to acquire 25 % to 35 % from the newspaper's equity. Their offers are valued at $6.25 million to $8.75 million.
The bid values the Minneapolis-based newspaper in general at $125 million,[link widoczny dla zalogowanych], within the value range prepared by Blackstone Advisory Services while the paper was in bankruptcy proceedings.
Both men expressed their belief that the Star Tribune is really a community asset that should have strong community ownership. However, they provided it clear within an interview that their motive is business-driven which their offers are not really a charitable contribution.
"The Star Tribune has to pay its way. It's important to have a very good editorial staff. The challenge is when is the next step advertising within this environment?" Taylor said. "Vance and I have talked about it. We're not sitting here with the answers but the goal would be to result in the paper a profitable enterprise."
The acquisition vehicle developed by Opperman and Taylor is called the Atticus Fund. Both men own 99 percent from the fund, with 1 % held by Stephen Pflaum, the group's legal adviser. The name of Pflaum's grandson was chosen because the partnership name.
A prospectus outlining the proposed transaction has been sent to the newspaper's more than 40 shareholders this morning.
The Star Tribune's largest shareholders include private equity finance groups Wayzata Investment Partners and Angelo Gordon Co., as well as investment bank Credit Suisse, CIT Bank as well as an affiliate of GE Capital.
The newspaper emerged from bankruptcy in September after creditors accept swap $480 million in debt for control of the company plus $100 million in new debt,[link widoczny dla zalogowanych].
Opperman and Taylor have informed the board of the Star Tribune's parent company, Star Tribune Media Holdings, of their intent to solicit shares. The purchase offer expires Nov. 30.
Board chairman Mike Sweeney said he's "delighted" with the interest Opperman and Taylor are showing in having a stake from the Star Tribune.
"We're gratified that such prominent local businessmen and investors are excited about purchasing the Star Tribune,[link widoczny dla zalogowanych]," Sweeney said. "We'd be happy to welcome Vance and Glen into the ranks."
The Atticus prospectus states that Opperman, 66,[link widoczny dla zalogowanych], and Taylor,[link widoczny dla zalogowanych], 68,[link widoczny dla zalogowanych], plan to be "longterm" shareholders, that they might seek to obtain additional shares at a later date and that they might ask the present Star Tribune board to improve in size by as much as two seats, presumably on their own.
The Atticus principals said they'd not involve themselves in decisions about editorial content.
"An independent newsroom is important to them," Pflaum said.
Taylor, a Mankato businessman,[link widoczny dla zalogowanych], has owned the Timberwolves since 1994. His fortune was made with Taylor Corp., a once-small printing business specializing in wedding invitations that grew right into a multinational printing and electronics business. Forbes magazine listed Taylor's worth at $2.2 billion earlier this year.
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