Clear Channel, 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.