|
SAN ANTONIO (AP) - The board of Clear Channel Communications Inc. on Friday accepted an offer from private equity buyers with a slightly higher price and a rare opportunity for shareholders to continue owning a stake in the radio and billboard company even after it goes private.
The board and the buyer's group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC have faced stiff resistance from several large shareholders who didn't think earlier offers were enough.
The new offer of $39.20 per share, or about $19.45 billion, was initially rejected by the board two weeks ago. The board approved the deal once the private equity partners agreed to allow shareholders to own shares in the new company with the same benefits as the equity firms.
|