Report: Citadel Received Two Merger Offers
December 6, 2010 at 6:38 AM (PT)
CITADEL BROADCASTING said it rejected two unsolicited merger offers from an undisclosed party. THE NEW YORK TIMES is reporting the two offers were both from CUMULUS MEDIA.
CITADEL received a proposal for a 'merger transaction' early last month and an 'improved' bid NOVEMBER 29th, according to a regulatory filing. BUSINESSWEEK writes, "Its board rejected both offers as not in shareholders’ best interests. THE NEW YORK TIMES reported that the bidder was CUMULUS MEDIA INC. PATRICIA STRATFORD, a spokeswoman for CITADEL, didn’t immediately return a call seeking comment. CUMULUS Chief Financial Officer J.P. HANNAN also didn’t immediately respond."
CITADEL exited bankruptcy protection JUNE 3rd (NET NEWS 6/3).