Sunday, March 18, 2007
Clear Channel buyout looking wobbly
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Clear Channel's board of directors postponed its shareholder meeting from this Wednesday to April 19, hoping to grease through a buyout offer led by private equity group Bain Capital Partners LLC and Thomas H. Lee partners.
Clear Channel radio stations in Dallas include five FM stations: 102.1 (The Edge); Mix 102.9; 97.1 (La Preciosa); 106.1 (KISS); and 92.5 (KZPS).
Some of Clear Channel's biggest shareholders feel that $37.60 in cash per share and the assumption of $8 billion in debt isn't enough. Two-thirds of shareholders must support the deal.
"There's no doubt the delay in the vote stems from management's concern that they haven't gathered enough support to push through the deal," Stanford Financial Group analyst Fred Moran told Business Week. "They must have gotten indications there was enough dissension that they wouldn't get it approved."
At its height, Clear Channel owned 1,300 radio stations, a television group, billboards, event-staging, and a business line (since spun-off and renamed Live Nation Inc.). The company has sold off some of its radio holdings, and announced in November its plan to sell its television group and more radio stations, though mostly in markets smaller than Dallas.
Posted by T.G.
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