Securities Law Prof Blog

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

Tuesday, May 8, 2007

Clear Channel Postpones Meeting Again

Clear Channels Communications postponed its shareholders meeting for the third time to allow shareholders time to consider the revised bid by two equity firms for the company.  Last week the board said it wouldn't postpone the meeting because it was clear the shareholders would reject the bid.  Some major shareholders, however, made clear that they wanted to consider the revised deal.  The offer is for $39.20 per share (still below the $40 some shareholders said they wanted) and an opportunity to participate ("stub equity").  See NYTimes, Clear Channel Postpones Vote, Giving Suitors’ Bid More Time;  WSJ, Clear Channel Delays Vote on Buyout Bid.

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