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More Analyst Doom Descends upon Clear Channel

As the date for the shareholder vote on whether Clear Channel should accept the buyout offer from private equity firms Thomas H. Lee Partners and Bain Capital Partners nears, speculation has arisen over how likely it is that the buyout will go through. While Clear Channel has been urging shareholders to accept the bid, analysts believe shareholders will reject it.

Now, institutional shareholder advisory firm Glass Lewis has recommended that investors vote against the buyout, writes the Chicago Tribune. In its report, Glass Lewis agrees with critics who say the offer undervalues the company. It said Clear Channel is worth $39.71 to $41.40 a share, not the $37.60 offered.

Clear Channel has expressed disappointment with Glass Lewis’s recommendation.