Securities Law Prof Blog

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

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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