Clear Channel delays buyout vote |
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Published
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Mon, 07 May 2007 18:48
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SAN ANTONIO (AP) - Clear Channel Communications Inc. on Monday delayed a vote on a proposed $19.35 billion buyout of the radio and billboard company and said it was talking to the potential buyers about a revised offer.The company had already received enough proxies to defeat the proposed buyout, which would require a two-thirds vote for approval. The shareholder meeting scheduled for Tuesday was postponed until May 22.Clear Channel said its board was talking with private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP about increasing the price from $39 per share to $39.20 per share and letting shareholders pick between getting paid in cash or stock of the new company, with current shareholders limited to a combined stake of 30 percent.The Clear Channel board turned down a similar proposal last week, saying the changes would delay the vote by up to 90 days with no certainty it would be approved.Clear Channel shares rose 97 cents, or 2.7 percent, to $37.32 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Highfields is against Clear Channel deal 