It’s Official: Clear Channel, Banks, Buyers Agree On Deal At $36 Per Share
By Joseph Weisenthal - Wed 14 May 2008 03:08 AM PST
After two days worth of reports, Clear Channel (NYSE: CCU) confirmed late last night that it, its private equity buyers (Bain and Thomas H. Lee), and a consortium of banks funding the deal have agreed to make it happen at $36 per share or $17.9 billion. Should some choose to go this route, shareholders will have the option of forgoing cash in exchange for an equivalent stake in a new company CC Media Holdings. Such shares will be registered with the SEC but will not trade on an exchange. As for the debt markets: say hello to a pile of fresh debt you’ve gotta work through. Well, nothing like hair of the dog to get over a monster overhang, right? Release.
Posted in: Media, VC+M&A, Mergers & Acquisitions
Tags: thomas h. lee partners, cc media holdings, bain capital, clear channel,
