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Shareholders to Vote on New Clear Channel Bid on May 8

The Clear Channel board has agreed to private equity firms Thomas H. Lee Partners and Bain Capital’s increased bid.

The new offer of $39 a share (compared to the original $37.60) faces a shareholder vote on May 8, writes the Contra Costa Times. The vote for the original offer was scheduled to take place this week.
Clear Channel is the largest outdoor advertising company in the world. It owns 973,000 billboards in more than 60 countries. Clear Channel Communications owns nearly 90 percent of the outdoor business; the other 10 percent will continue to trade as a separate stock, regardless of whether the equity buyout succeeds.

Clear Channel Radio is selling nearly 450 radio stations in its smaller markets; after those transactions are complete, Clear Channel will own 675 radio stations, most of them in the largest U.S. markets.