SAN ANTONIO, Texas: The board of Clear Channel Communications on Wednesday voted to accept a 4% sweetening of an offer from a consortium of private equity investors.

The improved bid of $39 a share plus assumption of $8 billion in debt values the group at around $19.4 billion (€14.26bn; £9.69bn).

But an array of stockholder muscle is displeased at the board's decision and likely to vote against the sweetened bid at a meeting on May 8.

Among the hands outstretched for yet more moohlah are those of Fidelity Management & Research, Highfields Capital Management and the California Public Employees' Retirement System.

Leading the buying consortium are Bain Capital Partners and Thomas H Lee Partners.

Data sourced from USA Today; additional content by WARC staff