Clear Channel accepts latest bid from Lee, Bain

Dallas Business Journal - May 18, 2007

Clear Channel Communications Inc. said Friday its board of directors has accepted a revised buyout offer from two private equity firms.

Boston-based Thomas H. Lee Partners LP and Boston-based Bain Capital LLC have been bidding for the advertising and radio company since November but have been unable to gain shareholder approval. Friday, San Antonio-based Clear Channel said directors unanimously approved the latest offer of $39.20 a share, 20 cents higher than a previously rejected bid.

Clear Channel Communications owns Dallas stations KZPS-FM (92.5), KEGL-FM (97.1), KDGE-FM (102.1), KDMX-FM (102.9) and KHKS-FM (106.1).

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