Cumulus Starts "Dutch Auction" Tender Offer
May 17, 2006 at 6:56 AM (PT)
CUMULUS launches its previously announced "Dutch Auction" tender offer to buy back up to 11.5 million shares at prices between $11. and $12.50/share. The stock to be bought back represents about 24.1% of all outstanding Class A shares of the company. The tender offer expires on JUNE 14 unless extended by the company.
CUMULUS stock closed at $11.08/share on TUESDAY (5/16).