Wall Street traders may be betting against Clear Channel completing its 26.7 billion buyout by Thomas H. Lee Partners, Bain Capital and the Mays Family, but Highfields Capital is showing confidence. The investment fund led the shareholder movement that got the price boosted to 39.20 per share and has indicated that it wants to convert as much of its stake as possible to shares of the new private company, while taking cash for the rest.
In its latest SEC filing, Highfields says it has boosted its stake in Clear Channel to 38,133,415 shares, or 7.7%, with recent purchases at prices ranging from 29.11 to 31.04.
