Clear Channel Extends Buyout Deadline; Declares Dividend
December 4, 2007 at 8:48 AM (PT)
CLEAR CHANNEL COMMUNICATIONS doesn't expect the buyout of the company by an affiliate of a private equity group, led by BAIN CAPITAL PARTNERS LLC and THOMAS H. LEE PARTNERS LP, to close by the end of the year, reports CNN MONEY.
CLEAR CHANNEL said it intends to extend the termination date of the agreement to JUNE 12th.
The SAN ANTONIO-based company is "actively" pursuing the satisfaction of the conditions to closing the deal. The remaining material conditions to be satisfied are obtaining requisite FCC consent and the expiration or termination of the waiting period under the HART SCOTT RODINO Act.
CLEAR CHANNEL said it is "confident" the conditions will be met. The company expects the deal to close during the first quarter of 2008.
Company Declares Dividend
CLEAR CHANNEL also declared a quarterly cash dividend of $0.1875 per share on its Common Stock. The dividend is payable on or before JANUARY 15th, 2008 to shareholders of record at the close of business on DECEMBER 31st, 2007.