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Facing an onslaught of negative publicity about the proposed merger with Thomas H. Lee Partners and Bain Capital Partners, Clear Channel has pushed back the shareholder vote on the buyout from March 21 to April 19.
The new date will give Clear Channel more time to make its case to new stockholders, and perhaps to convince those who question the deal, writes Mediaweek. A pushed-back date increases the likelihood that the offer will be accepted, but it’s still far from a “slam dunk,” according to Jonathan Jacoby, a Bank of America analyst. The most likely outcome, according to Jacoby, is still that the offer will be rejected and that Clear Channel will remain a public company.
The buyout has come under fire because a number of parties, including Clear Channel’s largest stockholder, Fidelity Management, have said that the buyout price of $37.60 per share is too low, and that Clear Channel could achieve more value for shareholders by spinning off the profitable Clear Channel Outdoor company and selling other assets piecemeal.
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