Cox Enterprises Raises Offer Price For Cox Radio (CXR) to $4.80
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Cox Enterprises, Inc., through its Cox Media Group, Inc. subsidiary, announced today that it has agreed to increase the price of its offer to acquire all the outstanding shares of Class A common stock of Cox Radio, Inc. (NYSE: CXR) not otherwise owned by Cox Media Group to $4.80 per share.
The price represents a 45.5% premium over the closing price on March 20 (the last trading day prior to the commencement of the tender offer) and a 26.3% premium over Cox Enterprises' original proposal of $3.80 per share. The expiration of the tender offer has been extended, and the tender offer will now expire at 12:00 midnight New York City time on Wednesday, May 13, 2009.
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