SAN ANTONIO – Clear Channel Communications Inc. (NYSE:CCU), a global media and entertainment company whose properties include local radio stations WHJY-FM, WHJJ-FM, WSNE-FM and WHJJ-AM, is urging shareholders to approve its proposed merger with a company controlled by Bain Capital Partners LLC and Thomas H. Lee Partners L.P.
“Under the merger agreement, you will receive $37.60 per share in cash in exchange for each share of Clear Channel common stock you own,” the company says in a letter to shareholders. “… We believe that the merger … maximizes value for you and provides greater certainty than other strategic alternatives available, including remaining as an independent company.”
Shareholders of record as of Jan. 22 will be eligible to vote on the transaction at a special meeting on March 21 in San Antonio. The company’s letter, along with proxy cards for shareholders unable to attend, are to be mailed out this week.
To pass, the merger must win affirmative votes from at least two-thirds of the possible total. Not voting will have the same effect as voting against the deal, the company noted.
The Clear Channel news release and stockholders’ letter are posted at BusinessWire.com. Additional information is available at www.clearchannel.com.
