Zell Group Revises Bid For Rickefeller

A group led by Chicago investor Sam Zell on Thursday proposed modifying its bid for control of Rockefeller Center to let existing shareholders retain a bigger stake.

The Zell group, which includes Walt Disney Co. and General Electric Co., said it also was willing to consider buying out the company that owns the center’s $1.3 billion mortgage. Zell’s original plan calls for a $250 million investment in return for half-ownership of the property.

Zell’s announcement came just two days after Rockefeller Center Properties Inc., the mortgage holder, said it would consider two new offers for the center, which has been mired in bankruptcy since May 11.

The Zell group’s new proposals largely mirror each of those deals, both announced last week. The most recent, by a group that includes David Rockefeller and the investment firm Goldman, Sachs & Co., is for the outright purchase of Rockefeller Center Properties.