Cox Enterprises Won't Up Bid For Cox Radio
May 11, 2009 at 4:36 PM (PT)
COX ENTERPRISES and its COX MEDIA GROUP subsidiary will not increase their buyout offer for the 22% of outstanding shares of COX RADIO they do not already hold after raising the price on MAY 1st from $3.80 to $4.80/share. The offer, a 45.5% premium over the closing price on MARCH 20th, the last trading day prior to the commencement of the tender offer, and a 26.3% premium over the original offer but 4 cents per share below MONDAY's closing price of $4.84/share, will expire at midnight ET on MAY 13th.
An e-mail from CFO JOHN DYER called the current offer the companies' "best and final offer" and reiterated that "COX ENTERPRISES will not increase its offer."