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Analysts Believe Clear Channel Takeover Bid Will Falter

Published on March 12, 2007 | Email this article

The vote of shareholders on the Clear Channel takeover bid will happen next week, and analysts are still predicting that the bid will be rejected.

According to a story on Bloomberg.com, analysts believe shareholders will reject the bid, writes Radio Ink. The prediction is based on a tracking of the stock price, which has fallen 17 cents since Friday to $35.39, compared with the $37.60 a share offer from private equity firms Thomas H. Lee Partners and Bain Capital Partners.

Fidelity Investments, Clear Channel’s largest shareholder, has said that it plans to vote against the deal because the price doesn’t reflect gains made by the company’s outdoor unit.

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