Clear Channel shareholders vote today


Today’s the day, but there’s not much suspense. Clear Channel Communications shareholders vote on whether to accept a $36 per share buyout led by Bain Capital and Thomas H. Lee Partners. The special shareholders meeting at the Watermark Hotel in San Antonio doesn’t begin until 4:00 pm Central Time, but we don’t expect to have to wait until too late for the official word that at least two-thirds of shareholders have said OK. More interesting, perhaps, may be an announcement of whether the offer to convert current CCU shares into shares of up to 30% of the new company, CC Media Holdings, was fully subscribed – or even oversubscribed. The $23.8 billion deal is scheduled to close on July 30th.