Bids For Clear Channel Due Soon
November 10, 2006 at 6:02 AM (PT)
REUTERS is reporting that bids are due in the coming days for CLEAR CHANNEL COMMUNICATIONS, which said last month in response to reports that it was considering offers to be taken private that it had hired investment bank GOLDMAN SACHS & CO. to help it evaluate strategic alternatives.
Private equity groups PROVIDENCE EQUITY PARTNERS, BLACKSTONE and KKR make up one consortium. The rival group consists of BAIN CAPITAL, THOMAS H. LEE PARTNERS and TEXAS PACIFIC GROUP.
Other parties have been speculated to be interested. THE WALL STREET JOURNAL reported on THURSDAY that APOLLO MANAGEMENT and CARLYLE and CERBERUS CAPITAL and OAK HILL PARTNERS were two other bidding groups, but that these had largely faded from the process.
It was unclear which day the bids were due, with various media reports saying final bids were due either today (11/10) or MONDAY. THE FINANCIAL TIMES and THE WALL STREET JOURNAL reported that final bids could lead to a deal being announced as early as next week.