Thursday, April 19, 2007
Clear Channel Communications accepted a revised offer of $39 per share ($19.4 billion) from the two private equity firms seeking to buy the company, still lower than the $40 that some institutional shareholders say they want. The WSJ says this marks a turning point more generally in private euity deals, as shareholders now will have the expectation that they can hold out for better deals. The Clear Channel bidders say it's their final offer, and shareholders have until May 8 to vote. See NYTimes, Radio Giant Accepts Offer; WSJ, Clear Channel Accepts Raised Bid.