It's Getting Hot in Here: The Pressure's on for CC Board to Reconsider Offer

[Cornflake the Destroyer]

The equity firms bidding for Clear Channel are looking for an indication that the board will reconsider last week's $39.20 offer. Rumors say Bain Capital Partners and Thomas H. Lee Partners are considering "minor" tweaks to the deal.

http://www.washingtonpost.com/wp-dyn/content/article/2007/05/07/AR2007050700032.html

 

[Cornflake the Destroyer]

Clear Channel's Delaying Shareholder Vote as it Reconsiders Last Week's Offer

The schedule vote for tomorrow, Tuesday May 8th has been bumped to May 22nd.

http://news.yahoo.com/s/nm/20070507/bs_nm/clearchannel_deal_dc_2

 

[Cornflake the Destroyer]

The NY Post says "shareholder outcry" has revived the buyout...

http://www.nypost.com/seven/05082007/business/back_in_play_business_zachery_kouwe.htm

 

[wareagle]

You have to figure the first thing Bain Capital and Thomas H. Lee Partnerswould do is to replace John Hogan as CEO and realize the instant benefit that competent management would provide the company.

Wouldn't it make more sense for shareholders to vote NO on the sale, demand Hogan's ouster and reap the benefits themselves?

For a really good analysis of the John Hogan "reign of error" at Clear Channel check out:

www.insidemusicmedia.blogspot.com/2007/04/hogans-heros.html

 

[SaltyDog]

You have to figure the first thing Bain Capital and Thomas H. Lee Partners would do is to replace John Hogan as CEO and realize the instant benefit that competent management would provide the company.

Bain Capital and Thomas H. Lee Partners are trying to take the entire company private. Hogan may run the radio division, but Mark Mays is CEO of the company and he's shown no inclination to dump Hogan.

I don't think the private investor's interest in the company hinges on a better way to run it, but on a way to unlock value by breaking it up.