Clear Channel accepts higher $19.35B bid

Clear Channel Communications Inc. agreed to a private equity group's sweetened $19.35 billion bid, an almost 4 percent increase aimed at mollifying shareholders who think the billboard and radio company is being sold for too little.

But two of the largest shareholders, Fidelity Management & Research and Highfields Capital Management LP, will continue to oppose the deal even at the higher price, two people familiar with the firms' positions told The Associated Press Wednesday. They spoke on the condition of anonymity because of the sensitive nature of pending shareholder votes.

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- Posted: 2007-04-19 09:58:48

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