Clear Channel Postpones Vote, Giving Suitors’ Bid More Time

CLEAR CHANNEL POSTPONES VOTE, GIVING SUITORS' BID MORE TIME
[SOURCE: New York Times, AUTHOR: Michael de la Merced]
Clear Channel, owner of the largest network of radio stations in the nation, yesterday postponed a shareholder vote on a revised buyout offer by two private equity firms. The delay gives the offer, which was rejected by Clear Channel’s board last Thursday, a new lease on life. Several major shareholders, led by Highfields Capital Management, had pushed for more time to consider the new offer, which was to have been voted on today. The shareholder vote, which has now been postponed three times, was rescheduled for May 22.
http://www.nytimes.com/2007/05/08/business/media/08clear.html
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