Clear Channel Accepts Higher $19.35 Billion Bid

CLEAR CHANNEL ACCEPTS HIGHER $19.35 BILLION BID
[SOURCE: Associated Press, AUTHOR: Michelle Roberts]
ClearChannel Communications agreed Wednesday to a private equity group's $19.35 billion offer—an almost 4 percent increase from the group's previous bid that had met with strong shareholder opposition. The equity group, led by Bain Capital Partners LLC and Thomas H. Lee Partners LP, has insisted for months that the initial offer was the best they would make, but as the number of shareholders signaling they would oppose the deal grew, the equity partners made a higher offer. The new offer now faces a shareholder vote on May 8. ClearChannel is selling nearly 450 radio stations in smaller markets and its television group, but even after those transactions are complete, ClearChannel will own 675 radio stations, most in the largest U.S. markets.
http://www.tvnewsday.com/articles/2007/04/18/daily.8/

* Clear Channel Accepts Raised Bid
http://online.wsj.com/article/SB117690619512874062.html?mod=todays_us_page_one
* Fate of Clear Channel still unresolved
http://www.latimes.com/business/printedition/la-fi-clear19apr19,1,3095479.story?coll=la-headlines-pe-business