Clear Channel goes for $18.7B takeover
Clear Channel today announced that it’s going to cash itself in today for a few bucks – $18.7 billion of them in fact.
Under the terms of the agreement, Clear Channel shareholders will receive $37.60 in cash for each share of Clear Channel common stock they hold, representing a premium of approximately 25% over Clear Channel’s average closing share price of $29.99 during the 30 trading days ended October 24, 2006, the day before the Company first acknowledged that it was evaluating strategic alternatives.
How many banks are going to lend a hand?
Morgan Stanley, Citigroup, and Deutsche Bank as well as Credit Suisse, RBS and Wachovia are acting as financial advisors and providing firm financing commitments to the private equity group. Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse and RBS are also providing equity commitments.
Here’s NYT dealbook blog:
The deal would rank as one of the largest media buyouts ever, surpassing the recent takeover of Spanish-language broadcaster Univision Communications, which a private equity consortium bought for $12 billion earlier this year.
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