The deadline for Citadel Broadcasting shareholders to make their cash or stock election for the buyout by Cumulus Media was extended just as it was due to expire Friday. The deadline is now Thursday, September 15th – the same day they’re to vote on whether to approve the $2.5 billion merger into Cumulus.
As previously reported, the decision basically hinges on the Cumulus stock price, which is still below the $4.34 tipping point. So shareholders are expected to elect to receive the maximum cash payment.
If all goes according to plan, the merger of Citadel into Cumulus will close just hours after the shareholder vote on Thursday. The regulatory hurdle at the Department of Justice was cleared last Thursday (9/8), so all that’s needed is the final OK by the FCC.