CORRECTION Clear Channel to get raised bid - report |
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Wed, 18 Apr 2007 11:53
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(Corrects source of report to New York Times)LONDON (Thomson Financial) - Two private equity firms have raised their bid for America's largest radio company, Clear Channel, by over 1.5 bln usd, to 27.6 bln usd, according to a report in the New York Times.Citing 'people involved in the negotiations', the paper said the new bid from Bain Capital and Thomas H. Lee Partners comes less than 24 hours ahead of a crucial vote by shareholders on the deal, who were expected to reject the offer.The paper said the new offer, which it said is expected to be announced today, may help win over some big shareholders, but it remains unclear whether it will be enough.The two private equity firms had insisted that they could not afford to pay more, and had threatened to let the deal die rather than increase their bid.The newspaper said the new offer, at 39 usd a share, compared with the previous one at 37.60 usd, is likely to appease at least some shareholders, like Highfields Capital Management. But some other shareholders, like Fidelity Investments, which controls about 9 pct of Clear Channel, were apparently hoping for at least 40 usd a share and could still seek to defeat the deal.tf.TFN-Europe_newsdesk@thomson.comrwCOPYRIGHTCopyright 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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