Clear Channel urging shareholders to OK sale

SAN ANTONIO – Clear Channel Communications Inc., 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 LP.
“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 said 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.”
Clear Channel last week began mailing the letter and other materials to shareholders of record as of Jan. 22, who will be eligible to vote on the deal at a special meeting March 21 in San Antonio.
Not voting will have the same effect as voting against the transaction, the company noted.
Additional information is available at www.clearchannel.com.