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Fidelity Investments, Clear Channel Communications’ largest holder, plans to oppose the $26.7 billion takeover, claiming it is too low, according to a person familiar with the situation.
Thomas H. Lee Partners LP and Bain Capital Partners LLC agreed to purchase Clear Channel for $19 billion, plus to assume nearly $8 billion in debt. But the world’s largest mutual-fund manager, which as of Sept. 30 holds 11 percent of the stock, wants a higher price, writes Bloomberg.
Clear Channel doesn’t comment on rumor or speculation. The person close to the situation declined to be identified because Fidelity doesn’t publicly discuss investments.
Other large investors in Clear Channel are also opposed to the deal, The Wall Street Journal reported yesterday. Shareholders want a “sweetener” to feel comfortable supporting a buyout, according to Fred Moran, an analyst at Stanford Group. The deal needs to be approved by two-thirds of outstanding shares. If shareholders push too much, it could put the deal in jeopardy, Moran is quoted as saying.
The companies plan to complete the transaction by the end of the year.
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The new show will star David Alan Grier as the pompous host of…
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Permission-based email…
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