Wednesday, April 18, 2007

Clear Channel To Be In Private Hands

Clear Channel board agrees to higher bid
Wednesday April 18, Reuters

U.S. radio station operator Clear Channel Communications Inc.'s (NYSE:CCU - News) board has agreed to an increased offer of $39 a share from a private equity group trying to buy it, after weeks of opposition to an earlier $37.60 a share deal.
The new offer values the company, the nation's leading radio station operator, at about $19.5 billion.
The $37.60-a-share, or $19 billion, offer by buyout firms Thomas H. Lee and Bain Capital had run into resistance from some shareholders and proxy advisory firms, who argued that the deal undervalued the company. That put the buyout firms under pressure to increase the bid.

4/18/2007 10:59:00 AM

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1 Comments:

From today's press release:

"Clear Channel's board began shopping the media company around last fall after struggling to boost its stock price in a public market that was uninterested in radio, a business that has seen growth stymied by competition from new music formats like satellite radio and MP3 players."
By Anonymous, at April 19, 2007 12:05 AM