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Cumulus-Missed Opportunity?

B

Barry

In mid-April of 2022, the owner of Connoisseur Media offered to pay about $16/share to buy out Cumulus Media. He indicated he may have been willing to pay more. The shares were trading at around $11 at the time. Cumulus turned down the offer as being inadequate.
Today the shares are at a (I believe all-time) low of around $3.60. It seems unlikely they will rise to the level offered by Connoisseur anytime soon.

The Offer
 
Cumulus turned down his offer twice, not just once. The second time came in the summer.

radioink.com

Warshaw Makes Second Run at Cumulus - Radio Ink

Despite a stock price that is now under $8.00, Connoisseur Media CEO Jeff Warshaw is still interested in purchasing Cumulus. Here's the latest...
radioink.com radioink.com

Keep in mind that the people making the decisions are the creditors, not Mary Berner. My suspicion is that his offer includes some new debt, and that didn't sit well with the board of directors. The other thing I note is that any stock deal doesn't come close to actual asset value, which is much high than $15 a share. So at the end of the year, someone asked Warshaw if he was still interested:

www.insideradio.com

Will Jeff Warshaw Make Another Offer For Cumulus?

After twice being rebuffed by Cumulus Media, would Connoisseur Media CEO Jeff Warshaw make another offer to acquire radio’s third largest company? With shares of “CMLS” trading about 30% lower
www.insideradio.com www.insideradio.com

Missed opportunity? The people making the decisions just went through bankruptcy, so they have a pretty good idea what they're sitting on, and if it's worth anything. The Warshaw offers are the only public ones we know about. So there may be something else in the works.
 
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