Clear Channel Bids Expected Today
November 13, 2006 at 6:13 AM (PT)
THE NEW YORK TIMES reports that two consortiums of private equity firms are expected to submit final bids today for CLEAR CHANNEL COMMUNICATIONS. Bidders were making last-minute adjustments to their offers last night, according to reports, after the deadline was moved from FRIDAY to noon today.
Offers are expected from a group that includes PROVIDENCE EQUITY PARTNERS, the BLACKSTONE GROUP and KOHLBERG KRAVIS ROBERTS & COMPANY and another that includes BAIN CAPITAL, THOMAS H. LEE PARTNERS and the TEXAS PACIFIC GROUP. Other private equity suitors, including the APOLLO GROUP and the CARLYLE GROUP, and CERBERUS CAPITAL MANAGEMENT and OAK HILL CAPITAL PARTNERS, had expressed interest in making bids but have since cooled to the auction.
The PROVIDENCE-BLACKSTONE-K.K.R. group had originally been tipped to win the contest, having held discussions with CLEAR CHANNEL much earlier than the others. Bids are expected in the "mid-30s" per share, people briefed on both bids said. In the last few weeks, CLEAR CHANNEL’s shares have jumped in anticipation of a deal.
No news yet this afternoon on the bids, but stay tuned to ALL ACCESS for when details emerge.