MediaBuyerPlanner: At the 11th hour, Clear Channel has decided to reschedule the shareholder meeting that had been scheduled for May 8, moving it to May 22. The company’s board of directors has been in discussions with Bain Capital and Thomas H. Lee & Partners regarding possible changes in the terms of the proposed deal.
A proposal that would increase the price per share paid to shareholders from $39.00 to $39.20, along with the opportunity for unaffiliated shareholders to elect between cash and stock in the surviving corporation following the completion of the deal, is under discussion, writes Mediaweek.
The board rejected a similar revised proposal last week, because while it increased the given price to shareholders, it did not to the Mays family and other directors. The board said at the time that in order to consider the revised deal, it would have to delay the May 8 vote, which it wasn’t willing to do at the time. Shareholders asked the board to rethink that decision.
Related stories:
- Clear Channel Deal Likely a Dud
- Shareholders to Vote on New Clear Channel Bid on May 8
- Private Equity Firms Raise Clear Channel Bid on Eve of Vote
- As Shareholder Vote Looms, Firms Sweeten Clear Channel Bid
- Clear Channel Buyout Looking Unlikely
- Analysts Believe Clear Channel Takeover Bid Will Falter
