Divinorumus
07-28-2008, 06:11 PM
Clear Channel approves $17.9bn takeover (http://www.brandrepublic.com/News/834591/Clear-Channel-approves-179bn-takeover/)
28-Jul-08, 11:20
LONDON - Clear Channel shareholders have approved a $17.9bn (£8.9bn) takeover by private equity companies Bain Capital and Thomas H Lee Partners.
The purchase of Clear Channel, the largest radio station owner in the US, ends a 20-month pursuit by its private equity suitors.
Clear Channel said that about 97% of the shares voted were cast in favour of the deal.
The original deal had been derailed by the credit crunch as Bain and THL fell out with the six banks, led by Citigroup, which had agreed to provide funding.
In May, Clear Channel settled a legal battle with the banks backing the deal after they balked at financing the transaction at $19.5bn (£10bn). The two sides, however, reached a settlement.
Clear Channel owns more than 1,200 US radio stations and almost one million outdoor advertising displays around the world, including 70,000 in the UK, through Clear Channel Outdoor.
Lawyers representing the buyers said this whole stinking deal is now contingent on George Noory being run out of town and the Coast to Coast show being put on hiatus until a suitable regular night guy can be found.
:laugh2:
28-Jul-08, 11:20
LONDON - Clear Channel shareholders have approved a $17.9bn (£8.9bn) takeover by private equity companies Bain Capital and Thomas H Lee Partners.
The purchase of Clear Channel, the largest radio station owner in the US, ends a 20-month pursuit by its private equity suitors.
Clear Channel said that about 97% of the shares voted were cast in favour of the deal.
The original deal had been derailed by the credit crunch as Bain and THL fell out with the six banks, led by Citigroup, which had agreed to provide funding.
In May, Clear Channel settled a legal battle with the banks backing the deal after they balked at financing the transaction at $19.5bn (£10bn). The two sides, however, reached a settlement.
Clear Channel owns more than 1,200 US radio stations and almost one million outdoor advertising displays around the world, including 70,000 in the UK, through Clear Channel Outdoor.
Lawyers representing the buyers said this whole stinking deal is now contingent on George Noory being run out of town and the Coast to Coast show being put on hiatus until a suitable regular night guy can be found.
:laugh2: