Clear Channel Delays Vote On Buyout Deal
March 13, 2007 at 3:14 PM (PT)
CLEAR CHANNEL announced this afternoon that it will delay until APRIL 19 a shareholder vote on its nearly $19 billion deal to be sold to private equity firms THOMAS H. LEE PARTNERS and BAIN CAPITAL PARTNERS. The vote had previously be planned for MARCH 21.
As a result, a new record date has been set, and CLEAR CHANNEL shareholders of record as of MARCH 23 will be entitled to vote at the special meeting.
The company said, "The disinterested directors of the CLEAR CHANNEL Board considered the substantial trading volume in CLEAR CHANNEL shares since the original record date for the special meeting, and as the original record date no longer reflects CLEAR CHANNEL's current stockholder base, determined to set a new record date to better align the economic and voting interests of all CLEAR CHANNEL shareholders. The move will allow shareholders who have purchased shares since the original record date and who currently have economic stakes in the company to participate in the vote."
The move will allow shareholders who have purchased shares since the original record date and who currently have economic stakes in the company to participate in the vote.
The special meeting will be held at 8a CT at the WESTIN RIVERWALK HOTEL in SAN ANTONIO.