June 12 Projected For Citadel-ABC Closing
May 25, 2007 at 2:33 PM (PT)
CITADEL and DISNEY say they expect CITADEL's merger with/takeover of ABC RADIO to close on JUNE 12. In preparation for the merger, CITADEL is paying stockholders as of JUNE 8 (or whatever the second trading day prior to consummation of the merger turns out to be) a special cash distribution of $2.46 per share.
DISNEY plans to transfer the radio business (not including ESPN RADIO or RADIO DISNEY) to a wholly owned subsidiary called ABC RADIO HOLDINGS INC. and distribute stock in the new company to its shareholders. DISNEY says that shareholders of record at the close of business on JUNE 6 will receive shares of ABC RADIO HOLDINGS on a pro rata basis by means of a share dividend. The number of shares issued will be determined prior to the distribution, but is currently expected to be approximately 0.0766 shares of ABC RADIO HOLDINGS common stock for each share of DISNEY common stock.
ABC RADIO HOLDINGS will then merge with a wholly owned subsidiary of CITADEL, and CITADEL will exchange one share of its stock for each share of ABC RADIO HOLDINGS.