CalPERS: Now We'll Vote For Clear Channel Deal
May 18, 2007 at 5:09 PM (PT)
The CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM has thrown its support behind the latest version of the takeover bid for CLEAR CHANNEL (see story below). CALPERS said FRIDAY that it supports the $39.20/share bid by THOMAS H. LEE PARTNERS and BAIN CAPITAL plus an option for shareholders to take a stake in the new private version of the company.
The move is a change of position by CALPERS, which said previously that it would vote against the deal; the pension fund says it has not decided whether it will also take advantage of the "stub equity" offering. As of MARCH 31, the fund held 3.3 million shares in CLEAR CHANNEL, amounting to less than 1% of the company, and it also invests in THOMAS H. LEE funds.