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DALLAS (AP) - Clear Channel Communications Inc. delayed a vote scheduled for Tuesday on a proposed $19.35 billion buyout of the radio and billboard company to give the company time to reconsider an improved bid that its board rejected just last week.
The move Monday headed off a likely rejection of the sale and gave private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP new hope that they could acquire the nation's largest radio broadcaster.
Clear Channel said some of its largest shareholders asked the board and the company's financial adviser to delay Tuesday's vote and reconsider the sweetened offer.
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