Clear channel sells 25% of stations


	Clear channel sells 25% of stations

KevinM

11-16-2006 6:23 PM

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Clear Channel's Board of Directors on Thursday (Nov. 16) accepted a $26.7 billion offer from private equity investors Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. that will take the massive multimedia company private at $37.60 per share. That’s about a 25% premium on the stock based on a 30 trading days average that ended on Oct. 24, the day before the San Antonio-based company announced that it had hired investment bank Goldman, Sachs and Co. to evaluate its strategic options. Clear Channel said the $26.7 billion offer includes the assumption or repayment of approximately $8.0 billion of net debt.
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The merger is subject to the approval of Clear Channel’s shareholders and regulatory authorities and Clear Channel may also consider competing bids through Dec. 7, and may negotiate with parties that submit competing proposals by that time until Jan. 5. An unspecified break up fee would apply, Clear Channel says. 
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