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Shareholders of Clear Channel Communications Inc. approved the broadcaster's more than $23 billion leveraged buyout led by Thomas H. Lee Partners LP and Bain Capital Partners LLC, the company said Thursday.
A preliminary count showed 97% of the shares voted were cast in favor of the massive buyout, which survived early shareholder opposition, several price revisions and litigation between its PE buyers and the banks financing the deal. Clear Channel, THL Partners and Bain aim to close the deal, which was first announced in November 2006, on July 30. In after-hours trading, shares of Clear Channel rose about a dime, or .28%, to $35.60, just below the $36.00 per share that the PE firms are paying. - Chris Nolter See Clear Channel announcement on the shareholder vote CategoriesPrivate capital video
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