SAN ANTONIO, Texas: America's largest radio station owner Clear Channel Communications has postponed a vote on a sweetened $19.35 billion (€14.26bn; £9.7bn) buy-out offer from a private equity consortium.
Shareholders have persuaded the company to delay the decision for a further two weeks while the board reconsiders the bid, which it recommended rejecting last week [WARC News: 07-May-07].
The would-be buyers, led by Thomas H Lee Partners and Bain Capital, must now wait until May 22 to learn whether their offer will finally be accepted. Shareholders have been dissuaded from an outright 'no' by the potential of taking a stake in the privatized company.
Data sourced from Wall Street Journal Online; additional content by WARC staff