Clear Channel delays vote on $18.7 billion deal

CLEAR CHANNEL DELAYS VOTE ON $18.7 BILLION DEAL
[SOURCE: Financial Times, AUTHOR: James Politi]
Clear Channel Communications on Tuesday delayed the vote on its $18.7bn purchase by two private equity groups, giving the largest US radio station chain an extra month to persuade skeptical investors to support the controversial deal. Originally scheduled for next week, the shareholder meeting to approve or reject the deal has now been shifted to April 19 by a special committee of Clear Channel directors. By shifting the date of the vote, Clear Channel is not only giving itself more time, but is also potentially changing the outlook for the vote from a tactical point of view. One person close to the situation said that some 40 per cent of Clear Channel’s shareholder base has changed in recent months, with a number of institutions opposing the deal, including Fidelity, selling their stakes. The hope for Clear Channel is that the new investors, primarily hedge funds and arbitrageurs, will be more supportive of the transaction.
http://www.ft.com/cms/s/89133bdc-d1b5-11db-b921-000b5df10621.html
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