Clear Channel In Play
Clear Channel confirms it is in discussions with private equity group regarding a revised merger proposal (37.35 +1.00) -Update-
www.briefing.com, In Play, 5/7/07
Co announces the board of directors is in discussions with the private equity group co-led by Bain Capital Partners, and Thomas H. Lee Partners, regarding a possible change in the terms and structure of the proposed merger between an affiliate of the private equity group and Clear Channel. Currently under discussion is a proposal that contemplates (i) an increase in the merger consideration to be paid to all shareholders from $39.00 to $39.20 per share and (ii) the opportunity for each unaffiliated shareholder to elect between cash and stock in the surviving corporation in the merger (up to an aggregate cap equivalent to 30% of the outstanding shares immediately following the merger (or approximately 6% before the merger)). The board of directors rescheduled the Special Meeting of Shareholders to Tuesday, May 22, 2007, at 1:00 p.m., Central Daylight Savings Time, to allow the board of directors sufficient time to complete its discussions with the private equity group, consult with its significant shareholders and further develop the buyer's proposal to issue in the merger equity in the surviving corporation.
5/07/2007 01:37:00 PM
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