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The private equity companies bidding for Clear Channel have revised their bid yet again - offering $39.20 per share rather than the $39 of the previous offer and a new structure that might give shareholders more value - but Clear Channel’s board of directors have rejected the revised offer.
The increase was only 0.5 percent more than the previous offer and the change in structure would require a delay in the date of the special meeting, according to a Clear Channel statement (via Mediaweek). Clear Channel expects the vote, scheduled for May 8, to defeat the merger proposal.
CC has sold 362 of the 448 radio stations it had planned to sell, for a total of $820 million, as well as its 56-station TV group.
After the merger is voted down, the shareholders most outspoken against the proposal could agitate for Clear Channel to restructure the company or to sell off more assets in order to unlock more of the company’s value.
JCDecaux is said to have its eye on CC Outdoor, which is 90 percent owned by Clear Channel.
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Fox…
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Conducted for…
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