Clear Channel Communications Inc. and its private equity buyers have reached an agreement in principal with the banks sponsoring the buyout. The Deal has confirmed a report on CNBC, that the banks will fund the deal at $36 a share rather than the agreed to $39.20 a share. The agreement comes after a New York trial was delayed over a day and a half as the parties met to discuss a resolution. Bain Capital LLC and Thomas H. Lee Partners LP sued the banks, which include Citigroup Inc., Deutsche Bank AG, Credit Suisse Securities LLC, Morgan Stanley, Royal Bank of Scotland Group plc and Wachovia Corp., in both New York and Texas to enforce the letters of commitment underlying the buyout. - The editors
See Dealwatch: Clear Channel
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