Clear Channel Accepts Smaller Takeover Bid

What You Should Have Read, May 14, 2008

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Clear Channel Accepts Smaller Takeover Bid

The New York Times reports that Clear Channel Communications agreed to a revised $17.9 billion takeover by two private equity firms after settling a long and often acrimonious dispute with the six banks that agreed to finance the deal. As expected, Clear Channel, the nation's largest radio broadcaster, agreed to sell itself to Bain Capital and THL Partners for $36 a share, down from the $39.20 a share agreed to nearly a year ago. Many aspects of the original deal remain, but the settlement will require a new shareholder vote. Highfields Capital Management, one of Clear Channel's largest shareholders and one that helped broker the new deal, is expected to vote in favor of the proposal.
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