Clear Channel says suitors raise bid |
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Published
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Fri, 18 May 2007 14:39
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SAN ANTONIO (AP) - Clear Channel Communications Inc. said Friday the private-equity firms trying to buy the radio and advertising company raised their bid by half a percent, in an attempt to defeat strong opposition to the value of their previous offer.Thomas H. Lee Partners LP and Bain Capital Partners LLC amended their offer to $39.20 per share, up from the $39 per-share bid that Clear Channel's board rejected as inadequate. The new price values the company at about $19.45 billion.The firms included a condition that they will pay an undisclosed premium if the deal does not close before Dec. 31. They also granted existing shareholders the option of taking the payment either in cash or as shares in the private company. The agreement limits the number of shares that can be exchanged at a one-to-one ratio to 30.6 million, or about $1.2 billion worth.Clear Channel's board approved the amended merger agreement and recommended shareholders vote in favor of the deal. The company canceled a shareholder meeting scheduled for May 22 and will reschedule it once it makes the requisite regulatory and securities filings.The company delayed an earlier shareholder vote after it became clear the deal did not have enough support to win approval.Clear Channel is the nation's largest radio-station operator. It also has a large outdoor advertising unit.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Clear Channel sells television group 