Fidelity Affiliate Sells Off Clear Channel Stock
December 11, 2007 at 5:43 AM (PT)
FMR, an affiliate of the mutual-fund giant FIDELITY, on MONDAY disclosed that it sold nearly three-fourths of its stake in CLEAR CHANNEL COMMUNICATIONS, chopping its stake from 9.8% to 2.7%, reports THE FINANCIAL NEWS.
In a filing with the SECURITIES AND EXCHANGE COMMISSION, FIDELITY did not give any explanation for the move. However, this raises serious question marks over the future of CLEAR CHANNEL’s $19.5 billion takeover by BAIN CAPITAL and THOMAS H. LEE PARTNERS. FIDELITY was among the major shareholders who opposed the initial bids for the company, forcing suitors to raise their offer.
CLEAR CHANNEL had expressed confidence last week that the transaction would go through (NET NEWS 12/4), but said the closing would be delayed until early next year.