Clear Channel to delay buyout vote
From Times Wire Services
Clear Channel Communications Inc. said it was delaying a shareholder vote on a buyout proposed by two private equity firms as it considered a higher, revised $19.6-billion offer by the bidders.
The new proposal values San Antonio-based Clear Channel at $39.20 a share rather than $39 a share. The company said it was in talks with the bidders, Bain Capital Partners and Thomas H. Lee Partners, about a possible change in the structure of the deal that would give shareholders the option to take a stake in the company after the deal’s closing.