The effort to take Clear Channel Communications private took a major hit Thursday when a last-minute restructuring of the $19.35 billion bid by the private equity consortium didn’t pass muster. According to the Clear Channel board, revised offer from Thomas H. Lee Partners LP and Bain Capital Partners LLC. would have lowered the amount going to the Mays family and slightly raised the amount being paid to unaffiliated shareholders. The board rejected it. Unless something dramatic happens, the shareholders are likely to reject it, too, next Tuesday when the postponed vote is scheduled finally to take place. Release. (Via WSJ)
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