Shares of embattled
buyout candidate Clear Channel Communications Inc. surged Wednesday morning due to an unconfirmed rumor that the company and equity sponsors Bain Capital LLC and Thomas H. Lee Partners LP were close to a deal with the banks they're suing to get the financing done, according to blog
theflyonthewall.com.
The stock climbed to a high of $29.12 in morning trading, but has since given up those gains as Wall Street loses faith in the rumor. Just before noon, Clear Channel had moved slightly into negative territory, trading around $28.32. The buyout price for the deal is $39.20 per share. - George White
See item from theflyonthewall.com See Dealscape coverage of Clear Channel
