Clear Channel postponed the vote on its buyout by a private equity group to May 22, BizJournals.com reported.
The company said it needed the extra time to negotiate new terms with the equity group led by Bain Capital Partners LLC and Thomas H. Lee Partners. The buyers have agreed to pay $39 a share, or $19.5 billion, for the media company.
Several investors have said the buyout, even with revisions, was too low. The board rejected that offer. Some shareholders, however, asked that the vote be delayed so they could consult with the board on proposed change in terms.
