Shareholders OK Clear Channel Deal
July 24, 2008 at 2:35 PM (PT)
Shareholders of CLEAR CHANNEL COMMUNICATIONS have approved the buyout deal that will take the company private under a merger agreement with BAIN CAPITAL and THOMAS H, LEE PARTNERS. About 97% of the shares voted were cast in favor of the merger, which is expected to be consummated JULY 30th. Shareholders will receive $36 per share or, on a voluntary basis, shares in CC MEDIA HOLDINGS, the new ownership entity.
"We are pleased with the outcome of today's vote," said CEO MARK MAYS. "On behalf of CLEAR CHANNEL's Board of Directors, I want to thank our shareholders and hard-working employees for their support throughout this process."
In a note e-mailed to CLEAR CHANNEL staff, MAYS added, "I’m delighted to let you know that CLEAR CHANNEL’s shareholders overwhelmingly approved the revised merger agreement earlier this afternoon. I’d like to take this moment to thank everyone for their focus, persistence, and loyalty during what was a longer period of time than any of us had expected. It’s been difficult in many ways, and as we look toward next week’s closing, we can all take this as an important vote of confidence in our company and the foundation we’ve put in place for an even more successful future.
"What hasn’t changed?
"We have the best professionals in the industry. We have the best platforms for audiences, partners and advertisers. We have a bright future ahead.
"Please join me in celebrating this milestone and looking forward to concluding this important chapter next week. "