ISS Recommends No to Clear Channel Communications Buyout

ISS recommends that Clear Channel Communications reject the $19.3 billion takeover bid by two equity firms, saying that the revised $39 per share price continues to be too low.  Two large shareholders, Fidelity and Highfields Capital, continue to oppose it.  The deal requires approval by two-thirds of the outstanding shares.  Responding to shareholders' criticism, the three top officers accepted reductions in the payments they would receive if they were fired or if they resigned because of a change in control.  See NYTimes, Proxy Adviser Opposes Clear Channel Bid; WSJ, Clear Channel Severance Pacts Adjusted.