Cox Extends Tender Offer; Special Committee No Longer Supports
April 20, 2009 at 9:27 AM (PT)
COX ENTERPRISES, INC., through its COX MEDIA GROUP, INC. subsidiary, announced TODAY that it has extended its tender offer to acquire all the outstanding shares of Class A common stock of COX RADIO, INC. not otherwise held by COX MEDIA GROUP in order to further discuss and negotiate the terms of the tender offer with COX RADIO's special committee formed to consider the tender offer.
The tender offer will now expire at 12 midnight ET on FRIDAY, MAY 1st.
Cox Radio Special Committee Withdraws Support
COX RADIO, INC. announced TODAY that the Special Committee has withdrawn its recommendation that the stockholders of COX RADIO accept the tender offer by COX MEDIA GROUP, INC., an indirect and wholly owned subsidiary of COX ENTERPRISES, INC., and tender their shares of Class A common stock for $3.80 per share.
The Special Committee has determined that at this time it cannot express an opinion with respect to the tender offer and, therefore, is taking a neutral position with respect to the tender offer.