Saw this in the Gazette...
http://www.gazetteonline.com/apps/pbcs.dll/article?AID=/20070724/BUSINESS/70724029/1004
Article published: Jul 24, 2007
Cumulus Media agrees to $507.7 million buyout
Radio station owner Cumulus Media Inc., owner of KRNA-FM, KHAK-FM, KDAT-FM and KRQN-FM in Cedar Rapids, has agreed to a $507.7 million cash buyout offer from a group of investors that includes the company's chief executive.
The investor group is being led by Chief Executive Lewis Dickey, who will
remain in that role once the deal closes, and an affiliate of Merrill Lynch
Global Private Equity.
Under the deal announced Monday, the buyers would pay $11.75 a share, a 40
percent premium over Friday's closing price, for each of the roughly 43.2
million shares of Cumulus stock outstanding.
The buyers would also assume debt that would boost the total value of the
transaction to $1.3 billion, the Atlanta-based company said in a statement.
The news sent Cumulus shares soaring $2.75, or 32.9 percent, to close at
$11.12 after briefly rising to a new 52-week high of $11.74. The stock
previously traded between $8.36 and $11.68 over the past year.
Atlanta, Ga.-based Cumulus said the transaction will be financed through a combination of equity contributed by Dickey, his brother and fellow executive, other members of their family and Merrill Lynch Global Private Equity, and debt financing
that has been committed by Merrill Lynch Capital Corp.
The Dickeys and stockholders affiliated with Banc of America Capital
Investors have agreed to vote their shares of Cumulus stock in favor of the
deal or any superior proposal approved by the Cumulus board.
Cumulus Media also owns KKHQ-FM, KOEL-FM, KCRR-FM and KOEL-AM in Waterloo, KLYV-FM, WDBQ-AM, KXGE-FM, WJOD-FM, and WDBQ-FM in Dubuque, and KBOB-FM, KQCS-FM, WXLP-FM, KJOC-AM and KBEA-FM in the Quad Cities.
[Link added as a courtesy by Radio Info]
http://www.gazetteonline.com/apps/pbcs.dll/article?AID=/20070724/BUSINESS/70724029/1004
Article published: Jul 24, 2007
Cumulus Media agrees to $507.7 million buyout
Radio station owner Cumulus Media Inc., owner of KRNA-FM, KHAK-FM, KDAT-FM and KRQN-FM in Cedar Rapids, has agreed to a $507.7 million cash buyout offer from a group of investors that includes the company's chief executive.
The investor group is being led by Chief Executive Lewis Dickey, who will
remain in that role once the deal closes, and an affiliate of Merrill Lynch
Global Private Equity.
Under the deal announced Monday, the buyers would pay $11.75 a share, a 40
percent premium over Friday's closing price, for each of the roughly 43.2
million shares of Cumulus stock outstanding.
The buyers would also assume debt that would boost the total value of the
transaction to $1.3 billion, the Atlanta-based company said in a statement.
The news sent Cumulus shares soaring $2.75, or 32.9 percent, to close at
$11.12 after briefly rising to a new 52-week high of $11.74. The stock
previously traded between $8.36 and $11.68 over the past year.
Atlanta, Ga.-based Cumulus said the transaction will be financed through a combination of equity contributed by Dickey, his brother and fellow executive, other members of their family and Merrill Lynch Global Private Equity, and debt financing
that has been committed by Merrill Lynch Capital Corp.
The Dickeys and stockholders affiliated with Banc of America Capital
Investors have agreed to vote their shares of Cumulus stock in favor of the
deal or any superior proposal approved by the Cumulus board.
Cumulus Media also owns KKHQ-FM, KOEL-FM, KCRR-FM and KOEL-AM in Waterloo, KLYV-FM, WDBQ-AM, KXGE-FM, WJOD-FM, and WDBQ-FM in Dubuque, and KBOB-FM, KQCS-FM, WXLP-FM, KJOC-AM and KBEA-FM in the Quad Cities.
[Link added as a courtesy by Radio Info]