Lower bid
Media Companies The dispute over the acquisition of Clear Channel Communications (CCC) has been resolved. The U.S. media company reached an agreement on new terms with investors Thomas H. Lee Partners and Bain Capital, as well as the participating banks, which include Credit Suisse (CS).
Media groups The dispute over the takeover of Clear Channel Communications (CCC) has been settled. The US media group agreed new terms with investors Thomas H. Lee Partners and Bain Capital as well as the banks involved, including Credit Suisse (CS). Accordingly, they will pay 36 dollars for each CCC share instead of the previously agreed 39.20. Unfortunately for CCC shareholders, they will receive a total of 2.1 billion dollars less if they approve the deal in late summer. In March 2007, investors had offered 37.60 dollars per share, but this was not enough for the shareholders at the time.
There are two reasons why the media group is valued significantly lower today, according to sources close to CS: firstly, the crisis in the US market makes such loans difficult to refinance. In addition, the US advertising market has collapsed, resulting in a drop in sales for CCC. (mk)?
There are two reasons why the media group is valued significantly lower today, according to sources close to CS: firstly, the crisis in the US market makes such loans difficult to refinance. In addition, the US advertising market has collapsed, resulting in a drop in sales for CCC. (mk)?
