Citadel Shareholder Meeting On Merger Vote Set For September 15th
August 5, 2011 at 3:55 AM (PT)
CITADEL BROADCASTING has called a special shareholders' meeting for SEPTEMBER 15th to vote on the company's proposed merger with CUMULUS MEDIA. A proxy statement has been sent to CITADEL shareholders setting the meeting time and location as 8a (ET) at 270 Park Avenue, 2nd Floor in NEW YORK. CITADEL shareholders of record as of AUGUST 3rd will be entitled to vote at the meeting.
Shareholders of CUMULUS have already approved the deal. CITADEL shareholders will be able to elect to receive either $37 per share or 8.525 shares of CUMULUS Class A common stock (or Class B shares or warrants if required to comply with FCC rules) per CITADEL share if the deal closes. CUMULUS has completed obtaining $2.4 million in senior financing for the deal; if the deal does not close, CUMULUS and partners CRESTVIEW PARTNERS and MACQUARIE PARTNERS would owe CITADEL $60 million as a termination fee with an additional $20 million possible. In the event the deal does not close and CITADEL is the reason, CITADEL would owe CUMULUS $80 million. The deal has a deadline of MARCH 2012.