According to http://news.radio-online.com 
Clear Channel has agreed to be acquired by private equity groups Thomas H. Lee Partners and Bain Capital Partners for $26.7 billion, including the assumption of $8 billion in debt. Under the deal, CCU shareholders will receive $37.60 in cash for each share, representing a 25 percent premium over its average closing share price of $29.99 during the last 30 trading days.
The Mays family will join the private equity group in acquiring an ownership interest in the company. Mark and Randall Mays will continue to serve as CEO and President/CFO, respectively. Lowry Mays will also continue to have an active role in the company.
Morgan Stanley, Citigroup and Deutsche Bank as well as Credit Suisse, RBS and Wachovia acted as financial advisors and providing firm financing commitments to the private equity group. Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse and RBS are also providing equity commitments.
The board of directors of Clear Channel, with the interested directors recused from the vote, unanimously approved the merger and will recommend that Clear Channel's shareholders adopt the agreement. A special advisory committee consisting of disinterested directors unanimously determined the terms of the transaction to be fair.
Clear Channel CEO Mark P. Mays said, "We are very pleased to announce this transaction which provides substantial value to our shareholders. We look forward to working with Thomas H. Lee Partners and Bain Capital Partners to continue our business plan to provide exceptional programming to our audiences and value to our advertising partners."
The merger is subject to the approval of Clear Channel's shareholders, but does not require the consent of unsecured noteholders and is not conditioned upon a merger, consolidation or going private transaction involving Clear Channel Outdoor Holdings Inc. (11-16-06)
Powered by Qumana
