Tribune Co.’s board has approved a new...

Tribune Co.’s board has approved a new “poison-pill” contingency plan, trying to make the diversified media conglomerate a less attractive takeover target. The plan would dilute the value of Tribune stock in the event of an investor acquiring or announcing a tender offer to acquire 10% or more of the company’s common stock. The board declared a distribution of one preferred-share purchase right for each outstanding share of Tribune Co. stock. All shareholders except the acquiring party would be able to buy one one-hundredth of a share of a new series of preferred stock at an exercise price of $150 for each share of common stock.