|
CNBC'S MOST SHARED
- Unemployed? Bored? Make Money Playing Beer Pong
- Social Networking's 'Naked' Truth
- The Highest Grossing (Inflation Adjusted) Movies of All Time
- WPP's Sir Martin Sorrell on the Ad Recession
- Geek Squad V. Gizmodo
- Merrill's McCann Seen as UBS Wealth Frontrunner
- Warren Buffett's Top Three Investment Rules for the Average American
- Why You Should Watch Fund Flows
- Blog You!!!
- Stimulus Will Kick in Later this Year: President Obama
- Lender CIT Group Hires Premier Bankruptcy Adviser
- Government Selling Bank Stakes for Too Cheap: Panel
- Buffett's Top 3 Investment Rules for Average Americans
- Market Insider: Earnings Loom in the Week Ahead
- Bulls Get Summertime Blues, But It's Hot Fun for Bears
- As Banks Fail, Strong Institutions Become More Visible
- GM IPO in Second Quarter 2010 at the Earliest: CFO

- Merrill's McCann Seen as UBS Wealth Frontrunner
- Eric Schmidt on Government Scrutiny and Economic Recovery
- Market 360: The Week's Best & Worst
- Geek Squad V. Gizmodo
- Brandt: Google Chrome OS in the Post-PC Age
- Other People Are Weirder Than We Are
- Bank Failures: Is The Nightmare Over? (Video)
- California Here I Go? No.
- Roginsky: No More Mr. Nice Guy
- Commercial Conundrum
Clear Channel [CCU
Loading...
()
], the nation's largest radio company, said its board has unanimously accepted an increased offer from a private-equity group co-led by Bain Capital Partners and Thomas H. Lee Partners.
The increased bid raises the buyout offer by 4% to $39 a share from $37.60, pushing the total value of the deal to to $27.6 billion.
The new bid from Bain Capital and Thomas H. Lee Partners had been expected since Tuesday night, when CNBC's David Faber said the group was preparing to raise its offer to sway shareholders who are undecided about the deal.
To give shareholders enough time to consider the new offer, Clear Channel will postpone its shareholder meeting until May 8. The meeting had been scheduled for this week.
The prior buyout proposal was placed in jeopardy after the California Public Employees' Retirement System said it opposed the deal. Calpers owns 3.3 millon shares of Clear Channel, or less than 1% of the company.
Highfields Capital Management also opposed the deal, and Reuters cited sources saying Fidelity Management and Research opposed it as well.








