Clear Channel Communications Inc. shareholders were advised today by Egan-Jones Proxy Service to vote against the proposed acquisition by a private equity group led by Bain Capital Partners and Thomas H. Lee Partners, the proxy-voting advisory firm said in a report released today. The San Antonio-based companys board supports the deal.
We believe that the recently agreed-to sale of 56 TV stations to Providence Equity Partners and of 161 radio stations to other parties for a total of $1.5 billion is indicative of the kind of values that the company and its shareholders may realize if the company remains independent at this point and proceeds with sales of selected assets, the Egan-Jones report said. We believe that the $39-per-share price now offered by the private-equity group remains insufficient.
The Clear Channel shareholders meeting is May 8.