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New Clear Channel Deal May Be Doomed

Published on May 02, 2007 | Email this article

The new, higher offer from equity firms Thomas H. Lee Partners and Bain Capital for Clear Channel Communications is still too low, and shareholders should reject it, says proxy advisory firm Institutional Shareholder Services.

That opinion could doom the $19.3 billion offer, writes Radio Ink

The new bid came after shareholder protests of the original offer led to doubt that the offer would get approval. Two of Clear Channel’s largest shareholders, Fidelity and Highfields Capital, still oppose the deal.

The recent deal for Google to sell advertising inventory for Clear Channel suggests an increase in the value of the company, according to the ISS report.

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