SAN ANTONIO, Texas: The board of America's largest radio station operator, Clear Channel Communications, on Friday nixed a sweetened $19.35 billion (€14.24bn; £9.71bn) bid from a private equity pack led by Bain Capital Partners and Thomas H Lee Partners.

The firm's shareholders meet tomorrow (Tuesday) to vote on the earlier offer, although advance indications are that votes opposing the merger exceed the one-third of outstanding shares required to defeat the proposal.

It is also unlikely that stockholders will be swayed by the sweetened offer, said by the board to be worth only 0.5% more than that already on the table.

According to Clear Channel, which operates around 1,100 radio stations: "Significant shareholders of the company have privately or publicly made known their opposition to the merger".

Data sourced from Business Week (daily); additional content by WARC staff