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Private Equity Consortium May Sweeten Clear Channel Bid

A source familiar with the situation has said that Thomas H. Lee Partners and Bain Capital are considering whether a higher offer for Clear Channel will be necessary before the April 19 vote of Clear Channel shareholders, the New York Post wrote yesterday (via Radio Ink).

Jonathan Jacoby, Bank of America securities analyst, has written that the private equity consortium might produce a better offer in order to “get the deal done.”

Jacoby points to the fact that a core group of shareholders holding about 20-25 percent of the stock have already expressed opposition publicly claiming the $37.60 offer is too low, and that another segment may not vote at all, so the company may not get the two-thirds majority vote it needs for approval.