Cumulus Announces Preliminary Results Of Dutch Auction Buyback
June 15, 2006 at 6:58 AM (PT)
CUMULUS MEDIA INC. says that it expects to buy about 11.5 million of its shares at $11.50/share from its "Dutch Auction." The total price for the buyback comes to about $132.3 million.
A preliminary count indicates that 15,529,859 shares were validly tendered in the auction, with CUMULUS buying 73.96% of the shares.
The company also plans to buy back 4.5 million shares of its Class B common stock from BANK OF AMERICA's BA CAPITAL CO., LP and BANC OF AMERICA CAPITAL INVESTORS SBIC, LP on JUNE 29, with B of A holding an option to sell back an additional 500,000 shares, but the aggregate price for all of the shares cannot exceed $200 million.