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Clear Channel Accepts Reduced Bid of $36/Share
Clear Channel, its private equity buyers and the banks which agreed to finance the deal have settled, with Clear Channel agreeing to accept a new deal at a lower price of $17.9 billion.
Thomas H. Lee Partners and Bain Capital will pay $36 a share instead of the $39.20 agreed to during the private equity boom last year. The new deal will go to shareholder vote in August or September, and will become final in the third quarter, according to Reuters.