ISS, Egan-Jones: Vote No On CC Deal
May 1, 2007 at 1:13 PM (PT)
The proposed deal to take CLEAR CHANNEL private suffered two more blows TUESDAY as INSTITUTIONAL SHAREHOLDERS SERVICES again recommended that CLEAR CHANNEL shareholders vote against the deal, and another influential proxy voting agency, EGAN-JONES, also urged shareholders to turn the deal down.
Today's opinion by ISS is the second time the agency advised against the deal. EGAN-JONES had supported the sale of CLEAR CHANNEL's television division to PROVIDENCE EQUITY PARTNERS and the spinoff of 161 radio stations but prefers a sale "in parts" -- a breakup of the company, selling the outdoor subsidiary separately from the radio stations -- to the deal on the table. BAIN CAPITAL and THOMAS H. LEE PARTNERS have upped their bid to $39/share ($19.5 billion in aggregate), and shareholders are scheduled to vote on the proposal on MAY 8.