Clear Channel Board Takes Private Equity Bait

By Marie 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. (Read more Clear Channel stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X