SAN ANTONIO, Texas: Investors in US radio and billboard titan Clear Channel Communications have been granted more time to decide their voting intentions for the proposed $18.7 billion (€14.18bn; £9.72bn) sale of the group to a private equity consortium.
The stockholder vote is now delayed until April 19 in a move to "better align the economic and voting interests" of shareholders and to "ensure that this important decision about the future of the company is made by its current shareholders".
According to an insider, around 40% of Clear Channel’s shareholder base has changed in recent months, with a number of the deal's opponents selling their stakes.
Institutions such as Fidelity Management & Research Investments have come out against the offer. But the newer investors, mainly hedge funds and arbitrageurs, are thought more likely to be be supportive of the transaction and the postponement allows them time to cast their votes.
Data sourced from Financial Times Online; additional content by WARC staff