Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Saturday, May 19, 2007

Board Accepts New Terms for Clear Channel LBO

The Clear Channel Communications sale to Bain Capital and Thomas L. Lee Partners has been off and on for months; now it appears on as the Clear Channel board accepted a revised offer (that it previously turned down) for the company.  Several influential shareholders were involved in negotiating the terms.  Shareholders will receive $39.20 per share in cash or equity participation in the new company, up to 30%.  The buyers have agreed to limit their fees and to name two independent directors.  A shareholder vote will take place in the next few months.  See NYTimes, On Third Time Around, Clear Channel Accepts Takeover Bid ; WSJ, Clear Channel's Board Accepts Buyout Proposal.

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