MediaBuyerPlanner: Just 24 hours before the shareholder vote on the Clear Channel takeover bid, Thomas H. Lee Partners and Bain Capital raised their offer by more than $1.5 billion.
The private equity firms raised the bid in the face of shareholder opposition to the original offer, which shareholders were expected to reject. The new offer of about $27.6 billion equals $39 a share, compared to the $37.60 of the original bid, writes The New York Times. The new bid is expected to please some shareholders, but others, like Fidelity Investments, were hoping for at least $40 per share.
The private equity firms offered earlier this week to restructure their offer in a way that would give more value to shareholders, but Clear Channel rejected the proposal.
Related stories:
- As Shareholder Vote Looms, Firms Sweeten Clear Channel Bid
- Private Equity Consortium May Sweeten Clear Channel Bid
- Clear Channel Buyout Looking Unlikely
- More Analyst Doom Descends upon Clear Channel
- Clear Channel to Shareholders: Please Accept Proposed Sale
