Securities Law Prof Blog

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

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Friday, May 4, 2007

Clear Channel Board Rejects Bid

Is it over yet?  The board of directors at Clear Channel Communications rejected a revised LBO bid from two equity firms that would have increased the per share price from $39 to $39.20 and would have given the shareholders up to a 30% interest in the restructured company ("stub equity").  A two-thirds shareholder vote is necessary to approve the deal, and early returns  on the $39 per share price show the votes were not there, as major shareholders and proxy advisors hold out for a higher price.  See Clear Channel Board Rejects weetened Offer From Bidder; WSJ, Clear Channel Rejects Firms' Revised Offer.

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