Report Speculates About Clear Channel Vote Delay
March 8, 2007 at 5:47 AM (PT)
The NEW YORK POST is reporting that "several shareholders with large stakes" in CLEAR CHANNEL are suggesting that the company might be able to win support for the $26 billion deal to take the company private if it delays its shareholder vote, but the company appears to be sticking to the present date for now.
The vote is presently scheduled for MARCH 21, and moving the vote to a later date may give investors who might be more inclined to approve the deal an opportunity to vote. The deal requires two-thirds of shares to vote yes for approval.
The next key date will be MARCH 11, when influential proxy advisory firm INSTITUTIONAL SHAREHOLDER SERVICES issues its recommendation.