ISS backs Clear Channel buyout


With the vote set for next Tuesday, Institutional Shareholders Service is advising clients to vote in favor of the buyout of Clear Channel Communications at 39.20 per share, which also includes an opportunity for shareholders to stay in as investors in the private company after the buyout by Thomas H. Lee Partners, Bain Capital and the Mays family. ISS had previously advised a "no" vote (5/2/07 RBR #86), but that was before the latest deal revision. Also, since then, the credit markets have gotten more difficult.