It now looks like closing of the deal to take Clear Channel Communications private won’t be this week. The company’s bond tender, which had been scheduled to end today under the previous extension, has been extended again to next Monday, March 24th. Wall Street observers have been expecting the 26.7 billion bucks cash and debt deal to take CCU private to close the next day. So, that could mean that shareholders will be bought out for $39.20 per share on Tuesday, March 25th.
Of course, all of this is dependent on Thomas H. Lee Partners and Bain Capital getting all of the financing nailed down and getting everyone to the closing table without any defections. That’s not usually an issue in normal times, but these are not normal times. Wall Street traders have been nervous for months about whether the long-pending deal – cut well before the subprime mess sent credit markets crumbling – would get done at the $39.20 price. The stock has been trading several bucks below the buyout price, despite growing indications that a closing is at hand, and dropped again yesterday after the bond tender extension was announced.