Clear Channel Communications completed its merger with an indirect, wholly owned subsidiary of CC Media Holdings Inc.
That is the corporation formed by a private equity group led by Bain Capital Partners LLC and Thomas H. Lee Partners L.P. Officials put the value of the transaction is valued at approximately $24 billion.
“As a result of the merger, which was approved at a special shareholders meeting held on July 24, 2008, Clear Channel’s shareholders are entitled to receive either $36 in cash, without interest, or one share of CC Media Class A common stock for each share of Clear Channel common stock held,” they stated.
“The private equity group has informed Clear Channel that CC Media will not issue any shares of additional equity consideration in exchange for shares of Clear Channel for which shareholders have elected to receive the cash consideration.”
CEO Mark Mays called it a “great day for our loyal and patient shareholders” that puts the company “in the financial and operational position to continue to lead beneficial change in both of our core businesses.”
Clear Channel common stock ceased trading on the New York Stock Exchange.
Shareholders will get instructions and a letter of transmittal by mail from Mellon Investor Services about how to deliver their shares for payment. Shareholders who hold shares through a bank or broker should contact that institution.
