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Clear Channel Urges Shareholders to Accept Bid
Clear Channel has set a meeting of shareholders for March 21 to vote on the merger agreement with Bain Capital and Thomas H. Lee Partners. At that time, two-thirds of shareholders must approve the deal, writes Radio and Records.
This week, shareholders are receiving proxy materials and company information outlining why the offer should be accepted.
Major shareholders such as Fidelity Management & Research, which owns about 11 percent of Clear channel shares, opposes the bid, and some analysts have written that the offer should have been higher.