Highfields Increases Stake In Clear Channel
August 2, 2007 at 5:45 AM (PT)
A major CLEAR CHANNEL shareholder has increased its stake in the company from 5% to 6.4% with an aggressive buying move in JULY, reports the SAN ANTONIO EXPRESS-NEWS.
HIGHFIELDS CAPITAL MANAGEMENT, which had been an outspoken opponent of the proposal to take CLEAR CHANNEL private before a change in the offer in MAY won the institutional investor group's support, spent over $262 million on CLEAR CHANNEL stock in JULY. It is the second largest institutional investor in CLEAR CHANNEL, trailing only FIDELITY MANAGEMENT AND RESEARCH.
CLEAR CHANNEL has yet to announce a final date for the shareholder meeting to vote on the privatization plan.