Clear Channel says private-equity firms raise bid by 0.5 percent |
| Boston Herald - May 18, 2007 |
Clear Channel Communications Inc. said Friday the Boston-based private-equity firms trying to buy the radio and advertising company raised their bid by half a percent, in an attempt to defeat strong opposition to the value of their previous offer.
Thomas H. Lee Partners LP and Bain Capital Partners LLC amended their offer to $39.20 per share, up from the $39 per-share bid that Clear Channel’s board rejected as inadequate. The new price values the company at about $19.45 billion.
The firms included a condition that they will pay an undisclosed premium if the deal does not close before Dec. 31. They also granted existing shareholders the option of taking the payment either in cash or as shares in the private company. The agreement limits the number of shares that can be exchanged at a one-to-one ratio to 30.6 million, or about $1.2 billion worth.
Read Full Article from Boston Herald
- Posted: 2007-05-18 10:33:58
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