Cox Enterprises Extends Tender Offer Again
May 18, 2009 at 5:24 AM (PT)
COX ENTERPRISES, INC. announced another extension of the tender offer by its COX MEDIA GROUP, INC. subsidiary to acquire all the outstanding shares of Class A common stock of COX RADIO, INC. not otherwise held by COX MEDIA GROUP. The tender offer will now expire at 5p ET on TUESDAY, MAY 19th, 2009. The last extension took the offer to last FRIDAY (5/15).
"We achieved 97% of the majority of the minority condition and only need approximately 275,000 additional shares to satisfy that condition," said COX ENTERPRISES CFO JOHN M, DYER. "An additional two million shares were tendered over the first two-day extension, and we want to give shareholders two additional days to tender their shares and work through the mechanics and instructions with their custodian bank or broker."