Clear Channel’s shareholders have approved the US media company’s buyout by private equity firms Thomas H. Lee Partners and Bain Capital.
Of the approximately 78 percent of shareholders who voted, 98 percent voted in favour of the agreement, which is valued at approximately $27.5 billion (€19.5 billion), including the assumption of $8 billion in debt.
The shareholder-approved agreement was the consortium’s third offer made in the nearly 10 months since its initial, $37.60 per share bid was agreed in December.
Under terms of the deal, shareholders will receive $39.20 per share in cash, plus additional per-share consideration, if any, should the transaction close post 31 December 2007, according to a statement.
Shareholders were also given the option to exchange their shares on a one-to-one basis for Class A stock in the new, private equity-owned concern. PEO previously reported this stub equity would be capped at 30 percent.
The transaction is subject to regulatory approvals and customary closing conditions.