Clear Channel Communications Inc (CCU) shareholders have approved a $39.20/share buyout offer from private equity firms Bain Capital Partners and Thomas H. Lee Partners... worth almost $20 billion.
73% of the total shares outstanding were voted in favor of the deal.
Under Texas law at least two-thirds of the San Antonio-based company's shares had to vote in favor of the transaction. Shareholders who failed to vote were counted as voting against the sale.
In an e-mail to employees after the vote result was announced, Clear Channel CEO Mark Mays wrote that the next step was getting the merger closed. The deal is awaiting approval from the FCC and the DOJ.
Approval will "hopefully be granted in the next few months, putting the most likely merger completion date in December, although it could be somewhat before or after that timeframe," wrote Mays in the e-mail.
[Reuters]
My prediction. Their overall time frame for approval will be less than the 6 or so months that XM and Sirius have been waiting.
Second prediction the approval will go through and XM and Sirius will still be waiting.
Google........