Clear Channel Board Urges 'Yes' Vote On Sale
March 2, 2007 at 11:00 AM (PT)
CLEAR CHANNEL management has sent a letter to shareholders urging them to vote in favor of the deal to take the company private.
The letter, dated today (3/2), tells voters that the merger was the result of a "highly competitive public auction conducted by the disinterested members of the board," that the board believes that there is no other competitive bidder for the company, and that the merger is "the result of a comprehensive review of strategic alternatives designed to enhance shareholder value, taking into account the continued challenges in the radio sector...."
The vote will be held at a MARCH 21 special meeting of shareholders.