Clear Channel (CCU) Completes Merger with Private Equity Firms
Clear Channel Communications, Inc. (NYSE: CCU) announced the completion of a merger with an indirect wholly owned subsidiary of CC Media Holdings, Inc., a corporation formed by a private equity group co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. The total transaction is valued at approximately $24 billion.
As a result of the merger, which was approved at a special shareholders meeting held on July 24, 2008, Clear Channel's shareholders are entitled to receive either $36.00 in cash, without interest, or one share of CC Media Class A common stock for each share of Clear Channel common stock held. The private equity group has informed Clear Channel that CC Media will not issue any shares of additional equity consideration in exchange for shares of Clear Channel for which shareholders have elected to receive the cash consideration.
Clear Channel common stock will cease trading on the New York Stock Exchange at market close on July 30, 2008, and will no longer be listed.[SM]
As a result of the merger, which was approved at a special shareholders meeting held on July 24, 2008, Clear Channel's shareholders are entitled to receive either $36.00 in cash, without interest, or one share of CC Media Class A common stock for each share of Clear Channel common stock held. The private equity group has informed Clear Channel that CC Media will not issue any shares of additional equity consideration in exchange for shares of Clear Channel for which shareholders have elected to receive the cash consideration.
Clear Channel common stock will cease trading on the New York Stock Exchange at market close on July 30, 2008, and will no longer be listed.[SM]
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