Activist shareholder Arnhold and S. Bleichroeder Advisers LLC along with GoodHope Advisers LLC has sent a letter of protest to the board of directors of Clear Channel Outdoor complaining of possible financial dealings which they claim may benefit the majority shareholder of the outdoor company, Clear Channel Communications, to the detriment of other shareholders. They note that during the road show for the outdoor company IPO, they were told that it would benefit from inter-company deals because of Clear Channel Communications’ strong balance sheet, but say the pending private equity buyout reverses that situation. The two claim to hold 10.7 million shares of Clear Channel Outdoor and say they want a dialog to discuss their fiduciary concerns.
