Glass Lewis Report Advises CC Shareholders: Vote No
March 13, 2007 at 5:46 AM (PT)
The CLEAR CHANNEL buyout continues to raise speculation that the deal will not survive a shareholder vote, with shareholder advisors GLASS LEWIS AND CO. the latest to tell the company's shareholders to turn the proposed sale down.
GLASS LEWIS' report, released MONDAY, charges that the deal "does not represent an equitable strategic transaction." CLEAR CHANNEL's largest shareholder, FIDELITY MANAGEMENT AND RESEARCH, is already on record as opposing the deal, but private equity firms THOMAS H. LEE PARTNERS LP and BAIN CAPITAL PARTNERS LLP have indicated that the present offer will not be increased.
Influential advisor INSTITUTIONAL SHAREHOLDER SERVICES is expected to give its recommendation on the deal later this week.