Cumulus Buyout Deal Off
May 12, 2008 at 12:46 PM (PT)
The CUMULUS buyout deal is off, with the company announcing that the proposed deal for Chairman/ Pres./CEO LEW DICKEY and MERRILL LYNCH GLOBAL PRIVATE EQUITY has been terminated after the investors "were unable to agree on terms on which they could proceed with the transaction."
The investors will pay a termination fee of $15 million.
DICKEY said, "Our business remains fundamentally sound and we intend to continue to operate it aggressively and explore opportunities to create and deliver value for our shareholders."
CUMULUS also announced that its board of directors intends to look into a new stock repurchase plan.
This new has been tough on CUMULUS stock today. Click here for the details.