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September 5, 2008 4:15:13 PM CDT

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Clear Channel Board Takes Private Equity Bait

Posted May 18, 07 3:14 PM CDT in Business 

(Newser) – After months of stops and starts, Clear Channel's board today gave the green light to a $19.5 billion buyout offer. The communications giant bit after Thomas H. Lee Partners and Bain Capital, which have been bidding since November, gained the backing of two large shareholders. The successful offer was $39.20 per share, 20 cents more than a previously rejected bid.

Fidelity and Highfields, which together own 14% of Clear Channel, backed the bid after Lee and Bain Capital agreed to allow outside shareholders the option to keep a stake in the firm. Two-thirds of shareholders must approve the terms, which forbid any current shareholder from holding more than 9.9% of the restructured company.

Source Bloomberg

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ClearChannel   ((c) LoopZilla)
Clear Channel Communications Inc. headquarters is seen in San Antonio, in this Nov. 16, 2006 file photo. Clear Channel, the nation's largest operator of radio stations, said Friday, April 20, 2007 it...   (Associated Press)
This handout image obtained 16 November   (Getty Images)
Clear Channel   ((c) LoopZilla)
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business  • private equity  • radio  • shareholders  • privatization  • communication  • Bain Capital  • Clear Channel  • Thomas H. Lee Partners



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