The almost never-ending Clear Channel Communications Inc. (NYSE: CCU) buyout may finally clear. Numerous reports talk about a settlement was reached this weekend between the banks and the buyers. The New York Times has a full report, while the WSJ also has data on its reporting too.
A year ago, Bain Capital and Thomas H. Lee Partners agreed to buy the largest U.S. radio broadcaster for $39.50 per share but the deal delayed after the six banks failed to provided promised financing. The New York trials between the banks and the buyers were set to begin this morning and the judge postponed the trial until Tuesday, largely thought to allow more time to complete a settlement. The new terms for the buyout reduced the price to $36.00 per share, according to someone familiar with the settlement. The six banks include Morgan Stanley, Citigroup, Deutsche, Credit Suisse, Royal Bank of Scotland, and Wachovia.
Clear Channel shares jumped on the news over 10% to $33.20. The 52-week range is $25.90 to $38.58.
Clear Channel deal may actually close
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