R2 Plans To Nominate Two To Citadel Board
February 9, 2011 at 4:03 AM (PT)
R2 INVESTMENTS, LDC is intensifying its opposition to CITADEL BROADCASTING's board's refusal to consider the buyout offer made by CUMULUS, announcing TUESDAY that it plans to nominate two directors to CITADEL's board at the 2011 annual meeting.
In a press release, R2, one of CITADEL's largest shareholders, said that it has sent a written request to CITADEL for the necessary documents detailed in the company's bylaws to properly nominate the two directors.
"R2 continues to be frustrated by the lack of meaningful response by the company to numerous shareholder requests regarding a potential business combination with CUMULUS and expects the replacement of two board members at this year's annual meeting to help provide the board with necessary direction," the release said.