Clear Channel agrees 39.20 usd/share takeover bid from private equity consortium |
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Published
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Fri, 18 May 2007 14:16
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LONDON (Thomson Financial) - Clear Channel Communications Inc said it has agreed an improved 39.20 usd per share takeover bid from private equity groups Thomas H Lee Partners LP and Bain Capital Partners LLC.The deal is thought to be valued at about 19.4 bln usd.Clear Channel said the new offer is an increase of 0.20 usd per share from the previous bid.As an alternative to the cash payment, Clear Channel said its unaffiliated shareholders will be allowed to exchange their shares on a one-for-one basis for shares of in the new corporation that was formed to acquire the media company.Clear Channel said its board unanimously backed the deal and urged shareholders to do the same, adding that a special shareholder meeting, initially scheduled for May 22, has been postponed.tf.TFN-Europe_newsdesk@thomson.comwjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Clear Channel sells television group 