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Business | 2007 | May | 19


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"The stock is reflecting that," he said
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
68
Clear Channel, Bain and Lee declined to comment beyond a news release issued Friday morning
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
65
Highfields Capital Management and the California Public Employees' Retirement System are among those in support of the new offer, said a CalPERS spokesman and a source familiar with Highfields' position
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
65
Spokesmen for Fidelity and Highfields declined to comment for this article
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
60
Under Texas law, at least two-thirds of Clear Channel's shareholders would have to vote for the transaction for it to be completed
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
58
Bain and Lee originally proposed acquiring Clear Channel for $18.7 billion, or $37.60 a share, in November
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
58
The deal also would cap the transaction fee Clear Channel would have to pay its buyers at $87.5 million and require that at least two independent directors be included on the company's board
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
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A shareholder vote scheduled for Tuesday on the $39-a-share offer has been canceled, and a vote on the new bid has not yet been announced
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
56
A recent $7.8 billion deal to buy stereo maker Harman International Industries Inc.gives shareholders the chance to hold up to a 27 percent stake in a private Harman
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
54
"This gives us the opportunity to participate with the private equity firms to get more value," said Clark McKinley, a spokesman for CalPERS.The pension fund owns 3.1 million shares of Clear Channel stock valued at about $118 million
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
52
This time, he expects the deal will garner enough shareholder support to pull Clear Channel out of the public arena
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
52
The resulting negotiations brought about Bain and Lee's latest offer
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
52
The latest offer, unanimously approved by Clear Channel's board, is the fourth the private equity duo have made for the nation's largest radio broadcaster
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
51
But Miller Tabak & Co.analyst David Joyce expects a vote could come late this summer — a longer delay because of the stub-equity component
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
51
That offer would have boosted payments to most shareholders from $39 to $39.20 a share by lowering payments to the company's board to $37.60 a share
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
49
That option to profit alongside private equity buyers has changed the stance of some shareholders opposed to previous offers from buyers Bain Capital Partners and Thomas H.Lee Partners
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
49
"Investors in general are starting to become believers that there is no magic to private equity," Bank said
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
48
After a contentious, months-long effort to go private, Clear Channel Communications Inc.appears close to reaching its goal
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
48
Early this month, preliminary shareholder vote totals showed enough opposition to derail a once-sweetened $39-a-share offer
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
47
Shareholders would have the option of taking $39.20 a share or stock in the private company
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
45
And in an era reminiscent of the buyout boom of the 1980s, shareholders increasingly are seeking a piece of those profits
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
45
Several large shareholders including CalPERS, Highfields and Fidelity Management & Research — Clear Channel's largest shareholder with 9.8 percent of shares outstanding — have opposed previous offers, saying they didn't provide adequate shareholder value
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
43
Shareholders would have the option of holding up to 30 percent of the corporation's outstanding capital stock — about 30.6 million shares — with an approximate value of about $1.2 billion
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
41
No shareholder would be allowed to hold more than 9.9 percent of the company's outstanding capital stock
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
41
Shares of Clear Channel traded at double their normal volume and rose 44 cents to close $38.23 Friday on the New York Stock Exchange.
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
40
Intrigued by the stock offer, an arrangement known as "stub equity," shareholders lobbied Clear Channel's board to reconsider its rejection of the bid
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
39
It also would have given shareholders the choice between cash or stock in a private Clear Channel
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
33
Bain and Lee's most recent bid is similar to one Clear Channel's board rejected two weeks ago
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
32
Including the assumption of Clear Channel's debt, that deal was valued at $26.7 billion
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private
29
Although Bain and Lee's latest offer is just 20 cents a share higher, it offers shareholders something they rarely get — a chance to share in the riches private equity buyers are expected to reap
May 19 '07 -Business- www.mysanantonio.com -clear,shareholders,private

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