Highfields Capital Will Vote Against CC Deal
March 22, 2007 at 2:44 PM (PT)
CLEAR CHANNEL shareholder HIGHFIELDS CAPITAL MANAGEMENT has announced its intention to vote all of its nearly 25 million shares against the proposed deal to take the company private.
The company's statement cited its belief that "with a properly managed business and capital structure, CLEAR CHANNEL will deliver to long-term shareholders significantly greater value than $37.60 per share. The public debate on this transaction makes it clear that our view is shared by many other institutional shareholders, both large and small." The statement also stressed HIGHFIELDS' long-term opposition to the sale and that its collective mind "would not be changed by either the prospect of short-term stock-price declines or any invitation to join as buyers in this undervalued transaction."