Clear Channel Announces Termination of Tender Offer
July 2, 2008 at 5:23 AM (PT)
CLEAR CHANNEL COMMUNICATIONS announced TODAY that it has terminated its previously announced tender offer and consent solicitation for its outstanding 7.65% Senior Notes due 2010. None of the CCU Notes were purchased in the offer and all CCU Notes previously tendered and not withdrawn will be promptly returned to their respective holders.
In connection with AMFM OPERATING INC.’s previously announced tender offer for its outstanding 8% Senior Notes due 2008, CLEAR CHANNEL has extended the date on which the AMFM tender offer is scheduled to expire from 8a ET on JULY 3rd to 8a ET on JULY 30th, and the consent payment deadline for the AMFM Notes from 8a ET on JULY 3rd to 8a ET on JULY 30th.
Special Meeting Scheduled
CLEAR CHANNEL has announced that it will hold a special meeting of its shareholders on JULY 24th, at which the proposed Merger will be considered. While the parties expect that the closing will occur on JULY 30th, the parties to the settlement agreement have agreed to extend the outside date for completion of the Merger to DECEMBER 31st.