Clear Channel Board Takes Private Equity Bait

By M. Morris, Newser Staff

Posted May 18, 2007 3:14 PM CDT

(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.

ClearChannel ((c) LoopZilla)

Clear Channel ((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)

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Clear Channel Board Takes Private Equity Bait

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Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

$19B Buyout of Clear Channel Nearly Dead

Credit woes have sale of radio giant to private firms crumbling

Investors Worry Clear Channel Sale Is Off the Air

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Gambling Firm Agrees to Buyout

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Clear Channel Board Takes Private Equity Bait

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OTHER STORIES ON OUR RADAR

private equity • radio • Clear Channel • Bain Capital • Thomas H. Lee Partners • shareholders • business • privatization • communication

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

$19B Buyout of Clear Channel Nearly Dead

Credit woes have sale of radio giant to private firms crumbling

Investors Worry Clear Channel Sale Is Off the Air

Credit worries and a slumping stock price have Wall Street worried the deal is done

Gambling Firm Agrees to Buyout

Penn National Gaming changes hands for $8.9B

Blackstone Makes $7.8B Deal for Alliance

Private equity continues to pour into financial processing

About Us

Site

Newser By Users

Community

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More News

What is Newser?