Mays: Disappointed, Yet Confident CC Deal Will Go Down
March 31, 2008 at 4:01 PM (PT)
Despite the current snafu with the banks to close the LBO, CLEAR CHANNEL CEO MARK MAYS sent out an internal memo expressing confidence that the deal will eventaully go down.
"In our ongoing commitment to keep you posted on merger developments, we wanted to share our disappointment that the long-anticipated transaction was not completed by the end of the first quarter as we had expected," he wrote. "Both CLEAR CHANNEL and the Sponsors remain fully committed to this transaction and steadfastly continue to work for its successful completion. Over the past week, we have taken additional steps to accomplish this goal and will keep you updated on our progress. While there is much uncertainty surrounding this transaction, it is my expectation that the merger will close."