SAN ANTONIO – Clear Channel Communications Inc., the parent company of several local radio stations, says a preliminary tally of shareholder votes at a special meeting indicates they have approved the company’s planned $19.5 billion acquisition by a private equity group led by T.H. Lee Partners LP and Bain Capital Partners LLC.
As amended on May 18, the agreement calls for Clear Channel shareholders to receive $39.20 cash for each share they own, plus an additional per-share consideration if the deal closes later than Dec. 31. (The original agreement called for a cash payment of $39 per share.) Unaffiliated shareholders who prefer not to take the payout also were given the option of exchanging some or all of their shares of Clear Channel common stock, one-for-one, for shares in CC Media Holdings Inc., the new corporation formed to acquire the company; they also would receive the additional per-share consideration, if any.
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Preliminary results indicate the holders of nearly 67.3 million shares of Clear Channel stock want compensation in stock, Clear Channel said.
Locally, Clear Channel owns WHJY-FM, WHJJ-FM, WSNE-FM and WHJJ-AM.
