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.