Digital Music News - Also Official Official: Shareholders Approve Clear Channel Buyout

Also Official Official: Shareholders Approve Clear Channel Buyout

Sunday, July 27, 2008
by alexandra

Clear Channel shareholders have now approved a modified buyout deal involving private equity firms Bain Capital Partners and Thomas H. Lee Partners, an expected development. The dialed-down buyout almost didn't happen, thanks to the nasty liquidity crunch, though Bain and Lee sued lending banks to preserve the deal.

Out of court, the parties agreed to a $36-per-share acquisition, instead of the previous, $39.20 tag. The modified arrangement drew support from 97 percent of shareholders, according to a preliminary tabulation shared by Clear Channel representatives. "We are pleased with the outcome of today's vote," said Mark Mays, chief executive of Clear Channel on Friday. The deal is expected to officially close on July 30th.

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