Cumulus Final Dutch Auction Tally: 11.5 Million Shares Bought Back
June 23, 2006 at 6:29 AM (PT)
CUMULUS MEDIA INC. has released the final results of its "Dutch Auction," and they look a lot like the preliminary results previously reported at ALL ACCESS. CUMULUS says that it is buying 11.5 million of its shares at $11.50/share, bringing the price tag to $132.3 million.
A final count indicated that 15,345,112 shares were validly tendered in the auction, with CUMULUS buying 74.93% of the shares.
The company is also buying back 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 at the same $11.50 price.